How did you come by developing Boomerang Day Trader?
I’ve been trading for over 24 years and have tried many different methods and systems. Some were overly complicated and some were overly simple. Some traders have strived for their entire careers to discover the “perfect system” for day trading the index and other markets.
After the internet really took over in 2002 we have seen a plethora of technical indicators come out. Some are really good but many of them frankly were created by inexperienced traders who don’t trade themselves looking to cash in on the expanding day trading market. The entire Boomerang Day Trader system is a combination of crystal clear chart patterns, colored bias bars and precision indicators that all synchronize and correlate with each other which I developed after trading live in the markets for many years. They really work in proven real time trading and also offer excellent forecasting intuition.
Boomerang Day Trader evolved after I found myself coming back again and again to very simple things. I had come to realize that trading was really not about particular indicators but in becoming highly experienced in correlating all your tools. That is what Boomerang Day Trader allows a trader to do as all the BDT indicators work in sync and are highly intuitive. The system includes a detailed handbook and is backed up with a library of free video tutorials and recorded webinars shown here on the blog which keeps Boomerang owners constantly updated.
What are the drawbacks of Boomerang Day Trader?
The so called drawbacks are not necessarily in Boomerang but in the markets themselves. No system is going to work well in a choppy, go nowhere type market that is trading in an active 3 point range. You have to adapt when you see that by either standing aside or scalping for just 1.00 on the trades. Of course that is a modification and logic tells you that the stop would have to be tightened too unless you were a really fast, expert scalper. If you learn to read the market tape bias as we explain in the manual and on the tutorials then you will be able to use Boomerang more effectively along with the volume meter I describe here on the blog.
I have also explained in detail through our Boomerang Day Trader Methodology/Rules and in the video tutorials how to avoid choppy markets. You can learn more under our “Resources” section of this blog. Read “How to build a volume meter” and “Caution: Choppy range bound markets….lets add the ADX to our volume chart”. These articles show you how to build a volume meter…a key component in being alerted to choppy markets.
So any perceived drawbacks of Boomerang will cease to exist once you start to really become experienced and learn how to use the Boomerang tools in all the various market conditions. This takes some time but one can speed up the learning process using the NinjaTrader Market Replay feature. This is a recording of the each days markets and traders can use the off time when the market is closed to rehearse and practice trading using the “Market Replay” recordings. This is a tremendous advantage in speeding up your learning curve without having to wait for another live day in the markets.
Go to the link shown above on the NinjaTrader website and click on “Video Library”. The key videos to study are: Market Replay, Charts and Chart Trader.
What are the Key components of Boomerang Day Trader?
The key components are the color coded Bias Bars on the chart, the Trade Channels and the Signal Line. The indicators are the Bias Indicator #1 and #2 which correlate with the trade channels and the signal line. In addition to that I have developed an industry first…The” Bias Accelerator Alerts”. These alerts detect key elements in proven, winning chart patterns. Once they detect a bullish or bearish pattern they print an Accelerator Colored Triangle on the charts and draw a horizontal line on the top/bottom of that candle to show the levels to watch. These are extremely effective signals exclusively on Boomerang and are explained in the video tutorials here on the blog.
As per my commitment to keeping Boomerang dynamic and consistently relevant to current market conditions I have developed 2 key enhanced indicators for Boomerang Day Trader known as the “HyperScalp” and “Precision Trade Guide”. These can be used in conjunction with Bias Indicators #1 and #2 or even as a stand alone system themselves.
HyperScalp detects with extreme accuracy the all important “divergence” readings in the market along with the vital Elliot Wave 1-5 micro patterns during a day trading session. The “Precision Trade Guide” indicator tells traders at a glance whether the market is Neutral, bullish, bearish or when the market is over extended on one side and ready to reverse. PTG also gives trade signals in correlation with the market condition.
I explain these in my Boomerang Day Trading course in great detail as well as on the video tutorials.
Does Boomerang only scalp the markets?
Primarily yes, but Boomerang Day Trader has all the features you need to catch “runners” or extended moves. As you learn to use the precision tools built into BDT you will gradually be able to learn how to see a stronger move coming and hold for a “runner” trade beyond a scalp. The tools specifically designed in Boomerang for this are the Bias Accelerator Alerts, HyperScalp, and the Precision Trade Guide. These combined with your skill in reading the market after using BDT for a while will allow you to catch larger scale moves with regular frequency.
What is the most difficult thing about trading with Boomerang Day Trader?
The most difficult part of trading or using BDT is the psychological component of the individual trader and the markets themselves. If a trader is not experienced with scalping or the high speed of the day trading markets then it can come as a surprise when prices goes into what is called a “fast market”.
In other words, it is human nature that when the market is moving in the direction of your trade at top speed and your money meter on your trade platform is soaring…you want to hold on for more gains. However, that is often when you should be getting out of the trade We call these Volume Blasts or Delta Blasts and you need to be liquidating your scalp position into that blast . Very frequently you will see a fast reversal fade off the blast in your favor back to near break even on your trade . That can be extremely frustrating for an inexperienced trader especially.
That is why in our training on the video tutorials and webinars we show traders how to deal with these fast market conditions. Sometimes inexperienced traders will tell us there is something wrong with Boomerang …because they didn’t get out fast enough on a market run. As mentioned, it is primarily a trading mindset or experience issue which gets cleared up after some more time spent in the markets using Boomerang Day Trader.
Are there any closing thoughts about Boomerang?
As the developer of Boomerang Day Trader I experimented for many years on how to best approach the market. With my over 24 years of live trading experience I wanted to create a low cost yet highly efficient combination of extremely accurate indicators that I have personally used in trading. The end result was Boomerang Day Trader. Due to excellent results and many good experiences from traders we have now become the top #1 selling day trading software on NinjaTrader which is a great honor to us.