Naw the problem is the sizing. It began with % risk that increased the lot size when its winning, decrease when its losing. Now its trading fixed size with many times the original positions without decreasing size. As anyone who's ever worked in a casino will tell you, using bigger positions after multiple losses than when you started is a common strategy to lose money.
As an example, even in 2012. It still had positive pip gain from the beginning to end of the year. In fact most investment funds underperformed as well because of lack of volatility that year. And if any of you were watching this account last year, Draghi did the same thing to FGB during his press conference too. Heck the loss in pure pips was even worse last time bc FOMC occurred right before that.
The only reason this latest drop is more dramatic is because it traded with bigger lots which resulted in bigger losses.
What you should learn from this experience is to switch off FGB when FOMC and eu rate decisions are approaching.