Huzefa Hamid

Huzefa Hamid
Published articles: 132

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

Both stocks and cryptocurrencies can offer exciting opportunities, but each comes with distinct characteristics and risks. This guide breaks down essential concepts, from understanding stock ownership and exchanges to exploring crypto’s digital nature and volatility. l will compare stocks and crypto, highlighting their pros, cons, and key similarities and differences. Whether you’re a beginner or an experienced trader, this article can help you understand each market and make informed decisions based on your risk tolerance, strategy, and long-term preferences.

When I started day trading cryptocurrencies in 2022, I immediately had to incorporate key ideas and trading strategies to be successful.

Forex trading bots have existed for decades since retail Forex trading appeared in the early 2000s. They’ve helped hundreds of thousands of traders implement automated strategies they might not have been able to trade manually. Until now, developing a trading bot required specialized knowledge and programming skills, plus a lot of time to test it.

I never thought I’d write an article asking whether Bitcoin could replace gold. That fact is a sign of newer times. Bitcoin and gold could not be more different - gold reaches back to the history books, while Bitcoin is futuristic. However, with BTC’s current value and acceptance, comparing gold and Bitcoin has become a legitimate line of inquiry.

Forex grid trading does not try to predict market direction like traditional trading strategies do. Instead, it is a system of placing pending buy and sell orders around the current market price to take advantage of continuous price movements. Forex grid trading is easy to learn, and the strategy can be active in any market.

The ongoing popularity of Forex trading, which is quickly approaching $10 trillion in daily turnover, offers life-changing opportunities to tens of millions of Forex traders globally. The low capital requirements, ease of access, and 24/5 nature of the Forex market attract tens of thousands of new Forex traders monthly.

Price action uses the price chart, meaning it does not use lagging technical indicators or fundamentals, making it the purest form of technical trading. All traders should understand price action trading because it’s the foundation for understanding what the market is doing.

Leverage allows individuals to trade large amounts of currency with less capital. All Forex brokers offer leverage to their customers to trade Forex, and it’s not an understatement to say that the Forex industry is built on leverage.

Commodities are one of the world’s oldest markets and part of today's modern financial system. Commodity trading will always exist because commodities are essential to making the products we all use. Nearly every retail broker worldwide offers clients access to multiple tradeable commodities. Muslims wanting to trade commodities must consider the best way to do so that aligns with their faith and Shariah law.

Day trading has become one of the most popular ways of trading, and much of the trading industry advertises it as a way to make a fortune or earn a living. However, as all Muslims know, just because something is legal or popular in a country does not make it Halal!

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