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!

Answer
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. Thatâs 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 itâs 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!

What kind of news should I start reading in order to make decisions about forex trading?

I got a check in the mail for $40 from my forex account. I blindly put money into eur/usd. So now that I know this is real and one can make money off of it, what kind of news should I start paying attention too? What section of the newspaper should I start reading and things of that nature

Answer
Do we do any business blindly? I think a big "No" for that. While Forex trading can earn you good money, it can also make you big losses and hence please never take it as an easy way to make money.

In case you are very serious about it then you should keep and eye on fundamentals (economic releases) as well as technical indicators/analysis. As I always say that fundamental analysis is the canvas and technical analysis is the color on it to make the art. You get an overall picture by fundamental analysis and then use technical analysis to make your trades. You may find the details of important economic releases and some more details at http://www.forexabode.com/fundamental-analysis and for technical analysis please check http://www.forexabode.com/technical-analysis.

For the sake of repetition, please know that Forex trading needs to be taken as a serious business and not as a gamble and hence some real hard work is required.

Best regards