Your draw knife may be the problem. If it has a very flat bevel then it's really hard to run a ring. My brother gave me his new draw knife some years ago and for the life of me I couldn't chase a ring. So I went back to my grandfather's old draw knife which was rather old and well worn and I had no problem chasing that ring. It's blade is worn and somewhat rounded, not super sharp, but will chase the finest ring you can find...…...Art