I am 18 years old and I am considering trading currencies as a home based business. I've had practice with ordinary spot forex and find it okay. I want to know what is better if I was to trade ordinary spot forex or currency options? Which is better, and which has the best chance of you becoming successful and becoming a millionaire out of?

Answer
Currencies tend to trend long term and be volatile in the short term.

Have a look at this chart from finviz & see if you agree.

http://www.finviz.com/forex_charts.ashx?t=ALL&tf=w1

I only trade currencies using long term call options. Why?

1. I have a known level of exposure (I can't loose any more than I put in)

2. I feel its lower risk, as I am trend trading - trends can also revert.

3. It is definitely lower risk than spot trading, as I am not trading on margin - I can still loose everything though.

4. I've had a few friends take up currency trading (spot), do quite well for a bit then have a bad run, only one out of 6 is still in the game.

5. It suits my personality. If you can handle the swings, spot trading might be the thing for you.

Open up a demo account and see how you go.

Give your self time to learn before putting your own money down - once its gone, its gone.

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Answer
You can try forex trading. I have been trading for more than three years and I don't regret getting involved. Make sure you are well trained before venturing into it.