Huzefa Hamid
About Huzefa Hamid
I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com.
I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money.
I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
My first trade based on a purely Technical view (i.e. without considering any fundamental analysis) was in early 2001 when the UK equity index, FTSE, broke a long-term support level. Many economists believed the market would continue rising, but the chart painted a different picture. After the support level broke (and the same level was subsequently tested as a resistance), I shorted the FTSE futures contract and watched the market fall. It was a fantastic validation of my understanding of Technical Analysis principles, and I loved that I could profit against the majority view of the market.
Fast forward some years, and after acquiring a few grey hairs, I’ve spent a career in consulting (non-market related) paralleled with trading (over that time, I have traded full-time for more than seven years).
I’ve met some great people along the way and was lucky enough to deliver presentations at the Las Vegas and Toronto MoneyShow events on behalf of DailyForex.
Today, I trade seven major Forex pairs and some futures contracts, including the S&P 500, Russel, Natural Gas and Crude Oil.
The one piece of advice I always impart upon traders is to treat it like a business. Have the level of accountability and discipline you would in any profession. When applied to trading, that means developing a method to identify your trades or learning a method from someone else. Manage your risk. Record your progress. Find your mistakes and correct them.
And decide you want to be very, very good.
The city of Toronto is my home. If you’re nearby, hit me up for a coffee anytime.
Snapshot
Latest 10 Articles
- Stop Loss Hunting Strategy and Secrets
- 03/09/2023 8:05
You’ll often hear traders blame their losses on some kind of nefarious practise known as “stop loss hunting”. This usually refers to an underhand practise by brokers undertaken to maximise client losses and hence their own profits, but it can also refer to a process undertaken by major market participants. It can even form the basis of a profitable trading strategy. Read on to find out how you can avoid having your stops hunted, and how you can exploit this phenomenon for a more profitable trading style.
- Gold-Silver Ratio Trading Strategy
- 03/02/2023 7:46
Different financial instruments do not move in isolation. Instead, the markets are intertwined, and the prices of different assets are related. This concept is known as “correlation.” When asset prices are correlated, traders can compare the prices of one asset to another to make trading decisions.
- What is Drawdown & How to Control It?
- 02/14/2023 7:34
Drawdowns are inevitable, and everyone will face a drawdown in Forex at some point in their trading careers. Without proper risk management, drawdowns can destroy a trading account even if the overall trading strategy is profitable.
- Trading Forex Reversals
- 02/06/2023 13:32
There are three main types of price movements: trends, continuations, and reversals. To be a well-rounded trader, understanding all three types is essential. In this article, I examine reversals to help you build a strong foundation in price action and technical analysis, which should help make you a more profitable trader.
- Why Do Forex Traders Lose Money?
- 12/19/2022 12:18
It is a fact that most independent self-funded traders are unprofitable. For example, Forex brokers required to report on client losses under EU law usually report that between 60% and 85% of their clients are losing money.
- What is Overtrading & How to Avoid it?
- 11/23/2022 6:49
Overtrading is one of the most common ways a trader at any level—novice or experienced—can sabotage their performance.
- Triangle Chart Formations
- 11/20/2022 11:04
Many indicators are available to identify if a market is trending, ranging from simple moving averages to more complex statistical models. However, not all price action fits neatly into neat uptrends or downtrends. This is what makes the most effective trading strategies the most complicated.
- BTC/USD: Has Bitcoin Found Long-Term Support?
- 08/04/2022 10:45
Bitcoin (BTC) made news for its meteoric rise and its equally meteoric fall.
- False Breakouts Patterns- Identifying, Avoiding & Handling
- 07/25/2022 9:35
In this article, I look at false or failed breakouts—what they are, how to avoid them, how to avoid their risks, and how to profit from them. My aim is to help you learn how to trade false breakout patterns.
- Best Forex Trading Strategies for Traders
- 01/25/2022 10:48
Learn about the top Forex trading strategies, what they are based upon, and how to build a successful Forex trading strategy.