Lay a plastic drop cloth on the floor to protect it from splatters of joint compound. Cover any furniture in the room with plastic.
Mix powdered joint compound in a 5-gallon bucket with warm water and a paint stirrer. Make the consistency of the joint compound similar to that of creamy mashed potatoes. Pour half of the mixture into another bucket.
Add paint to the two buckets, making one a shade lighter than the other one.
Load the masonry trowel with the lighter color using a plastic spatula to scoop the joint compound out of the bucket. Start at the end of the wall and work your way across it. Apply the lighter joint compound mixture on the wall creating smooth areas by pressing down harder and lightly skipping over areas with the trowel to create a stucco pattern.
Apply globs of the darker mixture here and there on top of the lighter joint compound and smooth it over with the edge of the trowel. The two shades create a more authentic stucco look and add depth to the texture.
Allow the joint compound to dry for a couple of hours and then seal it with a water-based polyurethane sealer.