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In this contribution we propose a hybrid MQAM/LFSK modulation (HQFM) scheme and showed its performance over Rayleigh fading channels using different modulation formats and Doppler spread. The simulation invokes a PN sequence training based decision feedback equalizer. The performance of the proposed scheme was compared with conventional 256QAM-OFDM when communicating over channels exhibiting multi-path components. It was shown that the scheme advocated outperforms conventional system.