Huzefa Hamid

Huzefa Hamid
Published articles: 97

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.


Huzefa@dailyforex.com

 

Snapshot

Latest 10 Articles

When I began trading in the early 2000s, all brokers charged interest on Forex and commodity accounts, which is forbidden under Islamic financial principles. Fast-forward a couple of decades, and today, brokers worldwide offer “Islamic trading accounts” with access to a full range of Forex pairs and commodities without charging interest. This article examines Islamic trading accounts, how they work, the fees they charge, and how to apply for them.

Buying and selling stocks has been going on for centuries, and the equity or stock markets have offered some of the world’s most stable long-term investment gains. This is clearly an accessible avenue for people of all walks of life to grow their savings and help them reach their financial goals. However, some Muslim investors have stayed away from trading in shares in fear that it may contravene Islamic financial principles.

If I could journey back more than ten years to when I began trading, and start over, Volume Profile would be one of the first technical tools I would study. It has helped my trading in a way traditional technical tools cannot, and it has made me more profitable than looking at the price chart alone.

It took me many years into my trading career to understand that market sentiment is decisive in producing orders that drive price moves.

The Market Profile indicator is one of the best tools for understanding underlying market movements in a way that is not obvious from traditional charts and indicators. Its unique structure gives price action a new layer of context, or as some traders describe it, a third dimension.

The London Breakout Strategy has worked for decades because it relies heavily on the time zones of the world's Forex centres and their activity, which is likely to stay the same. I've traded the London Breakout Strategy in some form since the mid-2000s.

In this article, I will explore how to trade the commodity silver, why it can be an attractive asset to trade, and what market drivers affect its price. I will conclude with a summary of the pros and cons of trading silver.

There’s no simple “yes” or “no” answer to whether prop firms are worth it because it depends on many factors.

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