I am going to be 18 in 26 days and I want to become a millionaire quickly by trading either stocks or forex. I want to know in your opinion which of them would make the best vehicle to trade to make the easiest, quickest path to wealth? Also, when I say easy, I don’t mean that it would be easy to do, but easy in terms of currencies and stocks to choose from and the least complicated to research out of the two. Good, reasonable answers would be much appreciated. Thanks!

Both Stocks, options, or trading forex are not generally easy to learn right off the bat. It depends on

A. How much money you have to work with if you are trading stocks or options you should have at least $3,000 to $5,000 to start with. You want to use all you money to begin trading, in case you lose you want to have enough to keep going. With forex you can start out with less because you can leverage your account trading with a mini or micro account — You can start out with $1000 some brokers let you start with $500.

B. You need to get educated about stocks and reading charts either way. Personally I spent thousands to learn how to read charts, manage money, how to set your stop loses, control my emotions while trading(VERY important), etc etc. Remember only about 3% or traders out there actually make money on a consistent basis. That’s because they under stand technical analysis, and fundamental analysis.

The pro’s are just taking money from the people that don’t get a good education.

The good part is once you learn this you know this and do it for a long time.

One way you can start learning is by paper trading to learn different strategies before you start the real thing. The down side is real trading is still a lot different from paper trading. I still do this if I am trying a new strategy.

One shortcut using Forex is to subscribe to a call service or forex signals. They will look at the markets and find a high probability trade and they will tell you where to enter a trade and where to take profit, and where to set your stop loss.

One service I found offers a 2-week free trial, to the service- you can paper trade it to see how it works. I think it’s the only one that has a free trial. He also shows how he made the trade so you can learn how to do this on your own.

Good luck!

If anyone here use this "forex tracer" system and please tell me your good and bad experience related to it.

Hi,

Here’s the truth: If you want to become a successful forex trader, you must…

1) Always stay humble – Realize that at any given moment, you have the capacity to do serious and permanent damage to your forex account. In the blink of an eye, you can and will have your account wiped out if you are an undisciplined trader.

2) Limit your risk – Proper money management is the key to the long term survival of your account. Only risk a tiny percent of your account on any given trade( I usually risk 1-2% on any one trade). I recommend stop losses at all times.

3) Never be greedy – Always take small gains and small losses. With discipline and training, you can easily learn to be profitable with a 50/50, or even lower, win/ loss ratio.

4) Invest in your forex education – Learn to be a good technical trader. Study pivot points, support, resistance, and trend lines. Through my own forex training, I’ve learned that all of the "get rich quick" systems and strategies will work one day, and not the next. Some are designed for trending markets while others work when the currencies are trading in a range. I’ve seen many accounts blown up from using a system that was touted as the ‘latest and greatest’.

There are quite a few forex training courses on the market. I’ve studied and reviewed many of them. As a matter of fact, I just finished studying a course called "Forex Commander" , which cost me $2000. There was a lot of great information in that course, but I still felt $2,000 was a little pricey.

I’ve reviewed a couple of my favorite forex training courses at my site listed below. I also talk about how I lost $10,000 one time in less than 24 hours. It was a learning experience for sure.

Hope this information helps,

Dennis

Do I need to itemize each and every Forex transaction? There are hundreds of them.

Or since I had a loss, can I just not list all the positive transactions and then also not list the same amount of negative transactions (leaving only the actual loss) ?

Call your broker to find out how you can download the information directly to your tax return software.