Day Traders Action and Boomerang Trader

Day Traders Action and Boomerang Day Trader
  • Honesty
  • Quality
  • Cost
  • Support
  • Verified Trades
  • User Experience
1.0

Summary

Boomerang Day Trader and Mohan's Day Traders Action are owned and operated by Scott Wolfe, also known as Mohan. A lifelong hustler and connoisseur of all things get-rich-quick.

After a long and sordid career of selling bogus investments in various boiler rooms, and running afoul of various regulatory agencies, Scott Wolfe ditched his real name and took on the name of 'Mohan', a new age financial guru. For the past 16 years, he has been peddling all manner of day trading nonsense, magical trading indicators, and claims of massive profits.

A reputation so terrible and sullen that even the paragon of virtue known as the Ninja Trader Ecosystem could not bear his presence.

Claims to have gained ancient financial wisdom from a 130-year-old religious mystic while wandering through a magical forest in India. Pure nonsense from a lifelong con artist.

Pros: Nothing to recommend.
Cons: Pure nonsense from a lifelong con artist. Magical trading indicators claiming 90% winning trades, all guaranteed. No track record. Claiming students are making $200k to $400k per year. Zero proof.

Thanks for reading today’s review of Day Traders Action and Boomerang Trader

What is Day Traders Action and Boomerang Day Trader? The company occupies two websites: DayTradersAction.com and BoomerangTrader.com.

DayTradersAction

Scott Wolfe aka Mohan

The business is owned by a person that goes by the name, Mohan Das. But this is not his real name. His real name is Scott Wolfe.

The companies are offering the following products and services:

  • Boomerang Day Trader Software $1,195.
  • Day Traders Action Live Trading Room $249 per month.

The company maintains the following social media profiles:

Who is Scott Wolf? Also known as ‘Mohan Das’

A review of various regulatory websites revealed the following:

The Cease and Desist Order was for selling a fraudulent limited partnership investment in a company named Interlink Fiber Optic Partners Limited. The owner of Interlink Fiber Optic Partners Limited was sent to Federal Prison for defrauding investors out of $12 million dollars. These investments were typically sold in boiler rooms and Scott Wolfe appears to be one of the salespersons involved in the scheme.

  • Another Cease And Desist Order from the Kansas Securities Commissioner (1993)

This Cease and Desist Order was for selling fraudulent wireless TV licenses through a company named American Wireless TV Franchise. The scam revolved around selling supposed licenses for wireless TV stations. Investors lost between $25 million to $50 million dollars.

Scott Wolfe aka ‘Mohan Das’ was also charged by the National Futures Association (NFA) with a slew of various complaints regarding his supposed trading performance.

Apparently, he was using hypothetical trading results in a deceptive manner with the goal of raising money from investors for his trading program. The NFA filed a complaint and Scott Wolfe accepted a settlement offer where he permanently withdrew from NFA membership and agreed to leave the Futures industry for a minimum period of 10 years.

Scott Wolfe reinvents himself into the financial guru known as ‘The Mohan’

After Scott Wolfe was bounced out of the NFA, and the subsequent stain of selling various shady investments, it appears that Scott Wolfe decided to ditch his birth name altogether…and take on the name of ‘Mohan’. What in the hell is a Mohan? Well, after a good deal of research and investigation, it appears that Mohan made his debut to the financial community in 1999.

Apparently, many years ago, while Scott was making a spiritual journey deep into the jungles of Orissa, India, he came across a very old Indian holy man. This Indian holy man was 130 years old, and a master in the mystical and ancient art of Vedic wisdom. This holy man became enchanted with Scott. And they formed a spiritual and mystical connection that transcended time and space. This 130-year-old, Indian holy man was so enchanted with Scott’s chakra that he bestowed upon Scott the new name of ‘Mohan’. Which is interpreted as “mysterious and enchanting.”

After returning from the wild jungles of India, and avoiding quite a few bloodthirsty tigers, Mohan decided to apply his Vedic wisdom to the financial markets. Which of course quickly returned a 400% annual return.

Heeding the call of the 130-year-old Indian mystic, Mohan decided to bestow a generous gift to humanity. He would reveal the ancient Vedic wisdom in the form of trading indicators that could be purchased for several thousands of dollars.

What exactly is Mohan selling?

At the core, Scott Wolfe aka Mohan is selling an indicator package at $1,195. And Scott is making some wonderful claims about his trading indicators. The following are some of those claims:

  1. Boomerang Day Trader is the most widely used trading software in the world.
  2. Boomerang Day Trader software trades all financial markets and is guaranteed to produce 90% winning trades.
  3. Most users of Boomerang Day Trader software are currently earning between $200,000 to $400,000 per year. With ease.
  4. Software is currently being used by many Hedge Funds to produce stellar returns.

Reaching out to Mohan

TradingSchools.org reached out to Scott Wolfe during the months of November and December in an attempt to verify the amazing performance claims of 90% winners, claims that Mohan is a professional day trader and authentication that most users of the software are earning $200k to $400k per year.

All emails that were sent from the TradingSchools.org email address were ignored. All emails contain tracking links, so we could watch in real time as Mohan nervously opened the emails and promptly deleted.

However, the emails that were sent from anonymous email addresses were promptly answered. I call these the “sheep” emails. This is where I contact the vendor and act like a complete newbie looking to learn the secrets of day trading. The Mohan was only too happy to help me learn his mystical trading secrets. I just needed to purchase the magic indicators, which of course are guaranteed to produce 90% winners.

Boomerang Day Trader

The sheep emails are always fun because once the trading vendor thinks he is close to getting the sale, I will counter with ‘just one more thing’. My ‘just one more thing’ is the last step in the journey. This is the part where I ask for some sort of proof that the vendor can trade profitably. And predictably, with the Mohan, he can provide absolutely no proof that he even has a trading account. However, he was more than willing to send me a shit-load of customer testimonials that verify the amazing profits that I am about to achieve. A total joke.

Kudos to Ninja Trader

In the past couple of years, I have been extremely critical of Ninja Trader. Specifically, the Ninja Trader Ecosystem which has provided a platform in which many trading scams have been launched. However, it appears that after promoting Scott ‘Mohan’ Wolfe for a number of years, they had finally had enough with the complaints and decided to scrub him from the list of approved educators.

In the past year, TradingSchools.org has had a series of constructive conversations with the ownership of NinjaTrader in regards to the Ninja Trader Education Ecosystem. They revealed a series of safeguards and additional protocols to reduce the amount of fraud and misrepresentation. Definitely a move in the right direction. And they deserve some credit for this.

Wrapping things up

I wanted to wrap this review up with a big thanks to various readers that contacted TradingSchools.org directly and helped put together a clear picture of Scott ‘Mohan’ Wolfe. Without the help of the community, this review would not have been possible. The truth is that Scott ‘Mohan’ Wolfe has been hustling people for nearly his entire life. The two websites mentioned in this review are just the active websites the Scott has been recently using to hustle his magic trading indicators. There are several other ‘Mohan’ websites that are now defunct, and which several readers complained of losing thousands of dollars. Some of Scott’s prior scams include MohansMarketForce.com, 21stCenturyFutures.com, and Mohan’s Scalp Trader.

As always, thanks for reading. And don’t forget to leave a comment below.

Leave a Reply

56 Comments on "Day Traders Action and Boomerang Trader"

Notify of
avatar
Sort by:   newest | oldest | most voted
David
Guest

Sounds like he got his idea from an Adam Sandler movie. Someday he’ll be known as “Happy”.

Winter Is Coming
Guest
Winter Is Coming
Oh dear…is this guy still around? Wonders will never cease. I remember I got an email from a friend once raving about this brand new never before seen Boomerang Indicator. The fact that Mohan ‘guaranteed’ its performance was too much to ignore for some people. That was about 6 years ago I think and it was quite pricey if my memory serves me correctly. It was too tempting not to investigate as the indicator looked almost too simple. After looking at his chart with this “life changing indicator” I sent him back a chart with the exact settings of NinjaTrader… Read more »
Marco M
Guest

Yes, he is still around and hawking his wares. I was a sucker who fell for his Boomerang Day Trader. Thank goodness I never put real $$ on the line. Hey, I was gullible. I just received an email from him on trading the VIX – “Here’s a new way to trade VIX, the CBOE S&P 500 Volatility Index!” Yikes!!

jim
Guest

Another POS scam artist wow … the day of reckoning will come for all these fraud mothafuckas

Rob B
Guest

This will be the first time I have said this: After reading this I could care less about Scott Wolfe, I want to talk about the important thing.

Where the Hell is this 130 years old Holly man and get him on here to tell us the secret of how he lived to be 130. That is what I want to know.

Stray Dog
Guest
In the 1980s the TV media started reporting about a group of villagers who lived very active lives into extreme old age. I don’t remember where they lived exactly but I think it was in a very isolated area of the Himalayan mountain ranges. Anyway the bit you’ll be interested in Rob B is how they managed to live to 130+ years, father children into their 90s and generally live active, healthy lives even up to 150 or 160. It seems that life in the village was pretty boring so to spice things up they had lots of celebrations. These… Read more »
Todd
Guest

No offense but there is no such thing as any tribe people living to be 150 or 160 ever, anywhere on the planet. It was either a bullshit TV show that didn’t care about truth reporting, more prevalent today than ever, or you don’t remember it correctly.

There definitely no such thing and never has been

Rob B
Guest

You do not get the Stray Dog humor. Re-Read about the B’day celebrations

Stray Dog
Guest

Maybe they were using dog years in those reports.

dtchurn
Guest
I have a feeling the thousands of other vendor scams who haven’t been reviewed yet have noticed TS and Emmett by now. Some are quivering nervously like the review said with new email not knowing if their number is up yet for a TS review, haha. Some are preparing to hide under the desk and exclaim “education only!” a few reviews back, others are going to try to admit their record was fake with a laugh on the phone call, and then a few are going to do an elaborate hoax attempting to fool Emmett with “results” which I suspect… Read more »
dtchurn
Guest
Nice roll going with coming out with the new reviews. I’d heard of this “boomerang” from old spam and forum mentions some time back. Yea, this guy sounds like after his boiler scamming past, he went on to reinvent himself as the “mystical MOe-han”ripping off the new age fad of finding the ancient mystique like the “Dr. Strange” marvel fiction or some channeling like story of the legendary mohan from “UFO report” mag, along with appropriating a fiberoptic dummy company name as the early 90’s saw a bunch of fad firms claiming to be the next big emerging name in… Read more »
Rick
Guest

When are you going to review http://www.coiledmarketst.com ???

Rick
Guest

When are you going to review Coiledmarkets.com? I think they are a scam.

Rob B
Guest

My thoughts same as Winters. That Austin con artist is still around. Actually it was one of the early trading rooms I tried out. You really need a review of this character to know he is a fake?

David
Guest

I think reviews like that are required as they will pop up at the top of google search, what obvious to you it’s not necessarily so to others. I often ask Emmett to make the review but not for myself, scams need to be documented online. I am also asking vendors for eveidence of trading success, so far not a single one could provide😀.

dtchurn
Guest

On the “coiledmarkets” site it says “Years after the day I started trading when it dawned on me that much, maybe most of what is held out to be solid trading info is false. Trading is a simple (but not easy) combined act of the following…”.
More like, after giving up after years of losses, I started a trading sham room with an initial course and a continuing fee for a monthly churn of newbs and stopped trading live ever since, lol. typical blab on many sites such as WT’s “after making rookie(mookie) mistakes.”

toto
Guest

yes Emmett review Austin Passamonte.. his trading courses went from $1K to $99..used to be active on EliteTrader boards always coming out as a Guru..
sounds to me listening to his videos like a old school Hustler

Alex
Guest

Could you please review “tradingsmartmoney.com” forex teaching website?
Thank you

Stray Dog
Guest

Go to babypips dot com and get their education for free

Rob B
Guest

I am amazed when you read one review after another how all these TR are scams you ask for review of another scam site. Do you really think they are the unicorn? The are all, yes 100% all SCAMS!! I tell you what; instead of waiting on Emmett, why not contact that TR operator and say you are doing reviews of TR and just need to confirm his profitability claims by seeing his actual brokerage statements and see how fast he hangs up on you.

dtchurn
Guest
Exactly, 100% scam shamshows. Yeah, TS has only exposed topstep out of the other ‘AMA’ favored vendors of bmt/fio. I don’t think any of them trade for a living yet newbs are supposed to gladly fork over hundreds to thousands of dollars for “educationai services” or “orderflor tools” or whatever. Felton and JaguraEd were exposed but they were already banned or deposed on bmt. Still waiting on the jigsaw review with no proof expected for all of them. If any of them could trade for a living they sure as gold wouldn’t be running a site selling services, tools or… Read more »
dtchurn
Guest

You can send a message to Emmett on the add-listing request queue. If enough messages for a particular site show an alarming amount of churning of newbs making them lose a lot of cc loans or other damages, then the site could be prioritized to be reviewed with some justification that it’s a particularly slick kool-aid inducing savings-damaging shamshow.

rtchoke
Guest

Don’t know why I got this email with this link cause I’m not signed up anywhere, trade my own system, but thought I’d share it with you. Lots of profits but All in Sim Mode. She claims to be the most profitable woman trader (don’t know why there’s a separate category). But look how she boasts of her profits. Read all the things on her home page, she disses a lot of other women. Again SIM profits. http://www.tradeforgreatness.com/

Mohan
Guest

FAKE NEWS REVIEW! Complete BS fraud review. All lies and fabrication to demean our highly respected services.
Anyone can take a trial of our services or attend our free webinars on Boomerang and see for themselves how well it works. We trade live everyday and record the results. Many happy clients. I have had an excellent reputation for 16 years in the industry.

take a trial to our live trading room or other services at: http://www.daytradersaction.com

Mohan
Guest
Rebuttal to Fake News story about Boomerang Day Trader……..Continued by Mohan After my first few years of forecasts became widely followed I was recruited by a large financial publisher in Florida to bring the newsletter on with them. At one point I had OVER 5000 daily subscribers and we were doing live seminars one of which was attended by 320 traders who flew in from around the world including 12 floor traders and over 10 brokers who wanted to learn my system. Do you think you can CON a dozen floor traders to fly in from Chicago, pay 1000$ for… Read more »
Rob B
Guest

Interesting, the NFA railroad you over some minor small complaint from one individual and I guess the other fraudulent company you were associated with was just bad luck. I tell you want instead of this long drawn out response, why not call Emmett out and shove those profitable long term brokerage statements down his throat showing how you are trading so profitably via your system.

Mohan
Guest
FAKE NEWS REBUTAL ….by Mohan (almost done…the fake story about me was very long and sordid) Now here are his worst, fraudulent made up claims against me of which the editor has no proof that I have ever made such statements. The fabricated article states: At the core, Scott Wolfe aka Mohan is selling an indicator package at $1,195. And Scott is making some wonderful claims about his trading indicators. The following are some of those claims: 1. Boomerang Day Trader is the most widely used trading software in the world. 2. Boomerang Day Trader software trades all financial markets… Read more »
dtchurn
Guest
Maybe you haven’t read the other reviews. TS is a totally different standard than the old so called trading review sites where shill smog always fills the room. Testimonials are not enough “proof”. TS has a history of asking for actual statements or tax returns. 99.9% can’t show proof because they get income stream from the monthly churn and have stopped trading live for years since they could just sell education and indicators. A good example was SoT where the CFTC found out their last live real trading was years ago at a big loss. And “90% winning trades” on… Read more »
Mohan
Guest
FROM MOHAN: This is my last comment on this slanderous, bigoted hit piece. you wrote about me all filled with lies, fabrications and goofy tabloid style writing without even speaking to me first. I proved in my posts above that you fabricated this article for some strange agenda that you appear to have. Who cares….no one with any brains reads this site again after seeing the lies you try to spread about our work. You guys are idiots. You don”t get it. I have already explained that there are well over 1000+ happy Boomerang Day Trader clients who love the… Read more »
kenneth
Guest

your style of posting makes you come off as a mad man – and the claims in the posts re-enforces that perception.

Stray Dog
Guest
Scott/Mohan, You have not proven anything except that you are skilled at distorting the truth, muddying the water and lying. You also come off as being mentally unstable. The website that you said verified your 90% correct trade signals is owned by you. You verified your own product, that’s not verification. You also “verified” this success rate by looking at what the market did over a period of time and then designed the product to trade those conditions. You have not proven that the software trades future market action. It’s like me watching a horse race and then saying I… Read more »
Rob B
Guest

That has to be the most fact less insane post I have read yet on this site. All I can say is you must be having problems making your next mortgage payment by not being able to con as many people.

And the Funny thing is Emmett just asked you to prove you could trade profitable for a mere month. Which BTW is also insane IMHO.

rtchoke
Guest
Maybe it’s me, but here’s something I just don’t understand. Maybe someone can clarify. What is a “winning trade SIGNAL”. To me, that could mean 1 tick and it’s a winner. Without a winning “TRADE”, what good is a winning “SIGNAL”. How’s that supposed to work? I get the signal and then I figure out my own way to get the winning Trade? Hmmm. Winning Signal v. Winning Trade. Maybe that’s why Emmett is asking for some sort of further proof. Trading for 15 years I figured I’d heard it all. Guess not. Help me someone, please.
dtchurn
Guest

I was wondering about that too, his trying to change the wording of the “guarantee” to 90% ‘signals’ instead of trades. Makes as much sense as 90% on “select contracts” which is none. So I guess just fooling around with a jigsaw-trading like tool at the tick level and call it 90% signals? I bet those “testimonials” are just a few early kool-aid induced hopefuls or otherwise fake shill ones.

dtchurn
Guest

Here’s the answer rtchoke. Two sites. One says trades, the other says signals. Then one says it works on all markets, then guarantees 90%. Then the other says only NQ&CL i.e. “select”. So which is it? Not worth answering. Just ‘union these subsets’ and it’s all a superset of distracting smokescreen and finagling of wording minutiae.
“signals” & “all markets”->www.daytradersaction.com/boomerang-day-trader/
“trades” & “select” markets->www.boomerangtrader.com/

dtchurn
Guest

One reason Boomerang passed review scrutiny for so long was because bmt admin closed the actual Mohan thread to detour it to indicatorwarehouse.com’s old display of something called “boomerang-scalp-trader”. It stopped showing up on the indicatorwarehouse site after 2012
futures.io/vendors-product-reviews/33342-mohans-boomerang.html
futures.io/vendors-product-reviews/3440-boomerang-indicator-system-indicatorwarehouse-com.html
web.archive.org/web/20120128230840/http://www.indicatorwarehouse.com/Boomerang-Scalp-Trader.htm
web.archive.org/web/20100715174750/http://www.indicatorwarehouse.com/Boomerang-Scalp-Trader.htm

dtchurn
Guest
Unbelievable. Are we going to let newbs who read this rant just follow along and buy the software for a lousy 1k+? NO. This reminds me of Oil Trading Academy guy where he was boasting in a video about how many people bought his code1. All these people were churned out. Most don’t mention it because of shame of having bought or invested time and “work” into it or otherwise just moving on with their lives, because besides Tradingschools there is no other recourse for commenting about these frauds without the review site or forum completely or partially subverted by… Read more »
dtchurn
Guest
Note there is no reply to RobB’s post about the NFA, nor Stray’s finding of mohan owning the so called “verification” site. Just finagling about my question of “select” contracts like that along is going to smokescreen everything else about questions of proof for the “guarantee” , nor the NFA history now the fact that prior clients lost tens of millions in a previous scam by this huckster. Ok, I see on the site it says NQ and CL 90% guaranteed TRADES, not signals. And what does it guarantee? Not your money back , only that one will have 30… Read more »
dont believe
Guest
dont believe

Mohan i heard warren buffet wants you to take over his portfolio” cause you are that f’ing good” your just another pos furu

dtchurn
Guest

Good find Stray. Also, checking around, I saw that wow, this guy has been around for a decade, previously as “21stcentury”.
http://www.elitetrader.com/et/threads/best-newsletters-on-trading-futures.65167/#post-1001115
futures.io/vendors-product-reviews/33342-mohans-boomerang.html
http://www.elitetrader.com/et/threads/best-newsletters-on-trading-futures.65167/#post-1001115
http://www.elitetrader.com/et/threads/mohans-e-mini-live-updates.87124/#post-1361915
Here, there is no “select” contracts. It works on “all active markets.” It just says “guarantee” 90% without saying just NQ or NQ&CL and again, not a real money back guarantee. Then it also says “signals”. So I guess say a couple of things on one site, and different wording on another. Nice runaround, clever. Let newbs see both sites be the judge. http://www.daytradersaction.com/boomerang-day-trader/
http://www.boomerangtrader.com

wpDiscuz