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There are many different stages in a trader’s career which the traders need to overcome in order to achieve success in the financial industry. If you are relatively new in forex trading then you might be thinking that it’s a place where you can make a lot a profit. Indeed it’s true but there is a slight difference between the ways you think with the professional traders. Most of the novice traders always think about their potential profit in the market whereas the professional traders are more concern about their losing orders. If you see the intermediate traders than you will notice they are trading pretty well in the financial sectors but all of sudden they lose all of their hard earned profit in the market. In this article, we will share some practical insight of trading the financial instrument.

Consecutive winners vs. loser: If you are relatively new in forex trading then you should know that the success rate in the financial industry is pretty less compared to other business in the world. If you see the statistics then you will notice that out of 100 traders only 5 are making consistent profit in the financial sectors. When you will be trading the live assets in the market you might have success for one or two consecutive months and then you might think that you have mastered the art of trading. But in reality, one two-month is the very small time period to assess your trading performance for full time living. Most of the novice traders incur heavy financial losses after few winners in the market since they float in the cloud of false confidence. It’s very obvious that you will have losing orders in the market just like the consecutive winners.SO make sure you are always prepared to embrace the losses in the market.

High-frequency trade: If you are new in forex trading then you shouldn’t be trading with the real money since trading the financial instrument involves huge risk. All the professional traders suggest the novice traders’ trade in their demo trading account so that they can master the art of trading without losing any real money. Most of the novice traders in the financial sectors think that the more they will trade the more money they will make. But when it comes to real life trading it’s actually the opposite. As a trader, you should focus on high-quality trade execution in the market. The moment you will lose your concentration is the very moment you will have losing orders in the market. And in the financial market having few loses is pretty much common. So make sure that you are not focusing on high-frequency trade rather concentrate on high-quality trades in the market.

Risk management factors: There are many traders in the world asking the same question again and again that is there is any holy grail in the forex market. The simple answer to this question is yes. Money management is considered to be the Holy Grail in the forex trading industry since it will allow you to execute high-quality trades and even let you lose more in the market. But along with the risk management factors you need to develop a valid trading strategy and back test them in your demo trading account. If you think that your system is capable of generating profit under different market conditions then you can start trading with the real money. As a trader, you should trade with rational logic but not with emotions. And always remember that losing is just a part of the traders’ career and don’t lose your discipline if you have few consecutive losses in the market.

An ITIN is a nine digit number that must be used on all statements and tax related documents if the individuals do not qualify for a Social Security Number in the US. To detail it further, both resident and nonresident alien individuals who are to get the benefits of a reduced rate of withholdings under the income tax treaty may have federal tax returns and payment responsibilities issued by the Internal Revenue Code or the nonresident aliens who are willing to file joint tax with their dependent spouses, the spouse being the resident of US need an ITIN.

The real estate brokers can use an ITIN to facilitate mortgages for unauthorized immigrants. This tax ID number is also needed by the foreign investors in the US real estate in order to file state tax returns to report the rental income. So does an alien spouse who is being claimed for exemption on the basis of US tax laws. Therefore ITIN is mandatory for all such alien taxpayers who are claimed as dependents on another person’s tax return and the non resident professors, students and researchers who want to apply for scholarships need an ITIN to claim an exception to the tax return filing requirement as well. The ITIN program was created so that millions of people can use it as an identity proof when opening a savings bank account or executing the other financial activities. Receiving an ITIN does not itself establish the right to work and receive income or provide eligibility for social security benefits. They are regarded as valid identity statements for the tax reportings only.

An individual who fulfills the eligibility requirements can apply for an ITIN but must reveal a federal tax purpose for seeking it. This involves submitting the IRS form W7, that contains a record of biographical information along with specified types of valid supporting national ID card, including name, address, date of birth, passport, US or foreign voter card, registration card, driving license and an original tax return attached to it. An ITIN application cannot be filed electronically. Also, any notarized copies of the documents are not accepted. Applications for ITIN along with two of the mentioned original documents are to be mailed to the designated address of IRS Taxpayers Assistance Centers in the United States. The ITIN issued to a person also expires if it is not used for three consecutive years. In all such cases the tax payers can reapply and get their ITIN renewed.

ITIN has played a major role in bringing more people into the US economy. Realizing the importance of ITIN in tracking the undocumented immigrants the federal government has also incorporated some individuals and business institutes as Certifying Acceptance Agents that work in a written agreement with the IRS for providing assistance to the taxpayers who need an ITIN help by verifying and returning back all the important papers while applying only. Also the applicants can call the IRS toll free numbers to check the status of their application or for further queries.