Learn terminology associated with fonts. As you read and research about fonts, you will be able to describe them to your friends or recognize the particular characteristics that make the font fancy.
Print off a selection of fancy fonts from the Internet. There are many graphic design websites that have sample texts, or you can download many fonts for free. This enables you to experiment with drawing different shapes. For example, 1WD, 1001 Fonts and Font River provide free online resources for font fanatics.
Use a ruler to draw a precise box around the first letter you want to draw. Then, make a grid on top of the letter which consists of the same dimensions as the squares on the graph paper. This will enable you to break the letter up into smaller areas so you can draw it more accurately.
Plan the position of the letter on graph paper. Start by marking where the extremities of the letter are positioned, where its baseline rests and the height of the letter. For example, if you are drawing a 'Y,' draw a dot where the intersection of the lines is, then three other dots to position the end of each of the lines. Fancy fonts are not always symmetrical or in the same proportion as generic fonts, so pay attention to where you place the dots.
Sketch the skeleton of the fancy font. Use the dots marked during step four to draw the rough figure of the letter. You build the fancy design around this line, so it does not matter how neat it is. Simply draw the letter in approximately the same position it is on the printout.
Build the fancy font outline around the skeleton letter. Use the grid lines you drew in step three as a reference for the exact formation of the letters. For example, if you draw the "curvy lava bubble 1.0" font from 1001 Fonts, look at the position of each of the circles on the grid, then copy this position on your graph paper.
Finish building the shape of the fancy font. Then, trace over the pencil lines with a thin black liner. Only copy the final lines that form the letter Ignore the skeleton letter, the dots and any mistakes you made. Then, let the ink dry. Rub out the pencil lines using an eraser. Color in the bulk of the fancy font with the black pen, if the design demands it.