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Download the bullet which is available in .br5 format found as a support file. Its fully textured.
Create a sphere from the basic shapes. Move it into the middle and stretch from the ends to make the shape featured in the screenshot. (You can adjust the shape to suit your scenes needs.)
Go into the materials lab. Click the arrow next to the preview to bring up the preset textures menu. Find the highlighted texture.
Materials Lab - > Presets - > Clouds&Fogs - > Bright N Bumpy
Apply it to the object and exit the materials lab.
Render the current object to see if that's what you want. You can also change the texture to another if you are not entirely happy.
Proceed to next step when ready.
Copy the bullet trail you just made (Ctrl C) and open the bullet file that you download in the first step. Paste the bullet trail in and align as shown in the picture so (in wire frame mode) it looks like a bit of the bullet trail is in front of the bullet.