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Boomerang indicator system at indicatorwarehouse.com
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Boomerang indicator system at indicatorwarehouse.com

  #151 (permalink)
Elite Member
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Epic write up!

Fuck Mohan; what a chump.

He has great 'rock-star' hair though; I give him that!

peace/hedvig

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  #152 (permalink)
Market Wizard
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researcher247 View Post
Epic write up!

Fuck Mohan; what a chump.

He has great 'rock-star' hair though; I give him that!

peace/hedvig

Epic? I get the community spirit of sharing bad experiences, but this was a written in a Greek tragedy style.

We get it...Vendors don't make you money, so why go there from the first place? To get some material for gossip because you have nothing worth of value or content you can contribute here?

It's easy to hide behind your keyboard and spill your heart out, after all, no one knows you.
But, is this legacy you want to leave behind? I really thought that after 5 years of futures.io (formerly BMT) we graduated from personal insults even if its a vendor who is supposadly not the best of traders.

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  #153 (permalink)
Market Wizard
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prisoner6 View Post
...

I truly don't believe Mohan has ever traded live before this. ....

remind me of Frankz who was with Trader International, the day I was in his trading room, he was having a great time 'making' 5K+, 10K+ with his up to 50 cars per trade. Everybody was impressed until someone pointed out there were no 50 cars moving on DOM, busted. But it got better he switched to live account in order to show the same winning trades except he lost more than 10K with just a couple of trades. TI fired him the next day saying they didn't know he was on sim all those time.

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  #154 (permalink)
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Mohan Update

Greek tragedy style? Well, that's exactly what it is! Talk about hubris.

Here's a guy touting an 80% accurate system, who "promises" to get 75% returns per month.

Instead, he loses 100% in 6 weeks.

Don't you think people would want to know about that, to not get sucked into this morass?

Hey, I lost $4000 or so of real money, between the shitty Boomerang trades (80% accurate), and the
subscription fees.

Thank god I stopped it before he went on the drunken bender, losing $8000-10,000 in 11 trading days.

You're certainly welcome to praise his trading room, or his autotrading accounts (which, by the way, have apparently been suspended until he gets his act together), but everything I've written has been the ABSOLUTE
truth, based on Mohan's end of day wrapups, and observations of his trading style in real time.

Hey, I wish he was successful. I would love to see him make 20 points a day. But he's obviously incapable of that.
Instead, he makes 9-11 points 2 days a week, and then loses 26-29 points the other 2 days of the week.

Is that what you expect of a "professional trader"? Especially using a "system" that is supposed to have 80% accuracy? I think not.

I think this guy has never traded live before February 2014.

The emperor has no clothes.

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  #155 (permalink)
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I have never been to any of the rooms you mentioned and my comments are just general. I don't belittle the loss of your funds, and I am sure you feel strongly about what you wrote, but you must evaluate if such returns that you have mentioned are realistically achievable.

This is a hard game, and many smart people here have shared their journey, their frustrations and what they have done to rectify psychopathology and method. You can learn a lot from that than many outside vendors.

Again, my comments were not about the method that was shared with you, I know nothing about it. Rather, I think you can spend your time on this forum in a better way than vent.

I too made a lot of mistakes in business, life and trading. I take responsibility, don't get angry and turn everything to a learning experience.

I wish you well.

Matt

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  #156 (permalink)
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Re: Mohan Update

Hey, it's not that big a deal, but I just want to warn people to stay away from this person who touts himself as a market "expert", yet trades like an amateur, and has lost an incredible amount of money in only 11 trading days. He charges $250 per month for his trading room / autotrade subscription, and his results are laughable, if they weren't so pathetic. As I said, I removed my funds from his trading before the death spiral, so I'm just an objective observer, but the level of ineptitude is gobsmacking, to say the least, and I wanted to share the objective results of his "trading".

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  #157 (permalink)
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prisoner6 View Post
Hey, it's not that big a deal, but I just want to warn people to stay away from this person who touts himself as a market "expert", yet trades like an amateur, and has lost an incredible amount of money in only 11 trading days. He charges $250 per month for his trading room / autotrade subscription, and his results are laughable, if they weren't so pathetic. As I said, I removed my funds from his trading before the death spiral, so I'm just an objective observer, but the level of ineptitude is gobsmacking, to say the least, and I wanted to share the objective results of his "trading".

Awww come on, tell us how you really feel!

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  #158 (permalink)
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BeachTrader View Post
Awww come on, tell us how you really feel!

I think he already did...and provided a pretty good analysis of Mohan's trading room as well.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #159 (permalink)
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prisoner6 View Post
Sorry, posted an incomplete post.

Well, a big milestone today for Mohan. A new high loss, and the complete wipeout of the original equity stake!

Since March 20, Mohan changed the AutoTrade accounts from trading the Boomerang trades, to taking all the trades. Now, starting on Feb. 18, trading 4 lots on a $12,000 account, by March 19, 1 month later, Mohan had lost about $2400, trading 4 lots using Boomerang. Now remember, this is a system that's supposedly 80% accurate, and he projected an $8000-9000 return per month trading only Boomerang trades (which have a target of 3 points, and a stop loss of 2.5 points). So, in one month, a 20% drawdown.

But it gets better! Starting March 20, the trading accounts started taking all the trades that he called out in the room. On March 20 ALONE, he lost 15-16 points, knocking the account down a good $1400 in 1 day (fortunately, I had stopped the trading in the account before then!).

Since then, the results have been:

3/24: about 15 point loss
3/25: -8.25 loss
3/26: -11.50 point loss
3/27: +13 point gain - BUT - there were 36 trades, so in the trading account, there was $1152 commissions vs. $1040 of gain. Overall, a $112 loss!
3/28: -16 point loss (he mentioned 126 round turns? - perhaps on 4 lots. Still, a lot of churning)
3/31: 11 point gain
4/1: -26 point loss (!)
4/2: +9 point gain
4/3: -29.50 point loss.

That's a net loss of 86.25 points in 9 trading days. At this point, had one continued trading 4 lots in their $12,000 account (not that you could, since you wouldn't have the margin for it), he's basically traded it down to $0. Yes, $12,000 of losses with commissions in about 6 weeks, with the majority of the losses being made in only about 11 trading days, or 2 weeks. (over 100 points net loss, so over $8000 on a 4 lot, plus probably $2000 or even $3000 in commissions).

I truly don't believe Mohan has ever traded live before this. He says he traded a hedge fund for years, but no hedge fund would allow this type of reckless trading against the person's own system. He's learning as he goes, making most of the rookie mistakes I've seen (and made myself). Trading at round numbers? Repeatedly exiting on the high / low of the move? Jumping right back in at his exit? Letting profitable trades turn into losers and stopping out? So, he's learning on everybody else's dime.

He's "retooled" at least 4 or 5 times now, each time he says he sees what he's doing wrong (supposedly he's a market "expert" with 20 years experience), and then goes on to rack up bigger and bigger losses.

He's incapable of staying in a trend trade. Let's say he gets into a long trade, near the bottom, when the indicators turn. If it's a true trend change, it could go up 10, 15, 20 or 30 or even more points. He gets out at 4 points profit. Then, the only thing he can be looking at now is going the other way and getting short. Once you've gotten a low entry, it is VERY difficult to just buy into the trend, even on a pullback (because that looks like weakness, and a setup for a short). So, during the 15 point runup say, after the 1 4-point winner, he's most likely to take at least 1 short, or maybe 2, that fail. There goes the profit on the long trade, now 2 losses against the 1 winner.

And like a gambling addict, Mohan is addicted to the action. He can't sit through most trades for any length of time (unless it's losing, I know that feeling, rather than just cut a losing trade short when the indicators turn, he lets it run all the way to a max stopout, HOPING to get back to break even, or a profit), , can't let a winner run NOR can he stay out of the market until a real signal is generated. Therefore he takes trades out of boredom, or continually trying to show HE knows what the market's going to do, or feels he has to keep the action going for his audience, and takes signals very prematurely, or against a big trend, and not only loses, but loses what he could have been making on the original long, keeping a part of the trade in the bigger trend. But no he says to me, NOBODY trades that way. REALLY? I've heard him admit Larry Williams trades that way. Richard Dennis traded that way. Sure, day traders are limited to what the market gives them in a day. But there are many big trending moves every day in these markets, and he's shown he's absolutely incapable of staying in them. He's always fighting the trend much too early.

Staggering. For a "professional trader" with "20 years experience in the market"? Essentially nothing but net losing days since 3/20. And supposedly using a system that's 80% accurate (but he doesn't follow the system at all).

And, he has nothing but excuses. Like a poor workman blames his tools, a poor trader blames the market, blames his indicators, blames the riggers, blames everyone except himself. Every day, it's "I've never seen a market like this before". He says that most every day. Or it's a "crazy market" (because it's going against you, pal). And then he complains again and again about "the riggers" (again, who CARES if they're rigging market? Go WITH them!), and also said he's never seen a market like this before, can't figure out what reason there is to be bullish. Who cares what the reason is? Go with the flow.

He keeps telling everyone to read the Mark Douglas book, "Trading in the Zone". Everything he does is so far removed from what Mark Douglas writes, it's funny, if it wasn't pathetic. Mohan could write his own book, "Trading in the Losing Zone".

It's a shame, it's so frustrating, because the Boomerang indicators can work well, especially in conjunction with other indicators, some of them from Big Mike's. And he's just now figuring out what he's doing wrong - right! Says he has to look at the longer time frames. Duh! You've been supposedly trading for 20 years, and you're just now figuring that out?

When I wrote him and said that on a day when there was 150 to 200 points of large tradable moves in the NQ, and he only netted 3 points, this was his response:

" I think your disappointment stems from seeing large swings in the market and thinking somehow that you or someone is supposed to catch those each day. That is the illusion of trading. There is no such person or such method that does. That I have been in the trading industry a long time and that is the ILLUSION of the markets. I have never seen anyone do what you are describing here. But new traders think that is “what is supposed” to happen. I follow a very specific method for trading and so far my Day Traders Action live room has accumulated more points than any room or trading system I have ever seen."

A net loss of 100 points in 11 trading days, and the room has accumulated more points than any other room or trading system? How bad are the other rooms! Ha!

The only ILLUSION of the Markets is that Mohan thinks he can trade. As he's conclusively showing in the past 2 weeks, he has no clue on how to trade live. Actually, one could take the other side of all his trades, and do pretty darn good. I did that for a day, took trades right where he stopped out, and did pretty well.

Stay far far away, unless you want to go broke quickly. Or, if you need some humor, get a free trial and watch some truly hapless trading. Thank god I stopped the trading on March 19, before his death spiral.

Great post.

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  #160 (permalink)
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@prisoner6:

Well, it seems that Mohan has a quite different perception of the results of his trading room (reality) since I received this Email today:


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