for those that don't realise (a few have mentioned they think this is missing):

go to inventory
add the item to your favorites
come out of inventory

open favorites
hover mouse over item to hotkey
press the number to want it on

not sure if it works with the keypad

this isn't working for me. I press a number and nothing happens in the favorites menu.

After you make the item a favorite you hit the "Q" and then hover the mouse over and hit a number key?

nope, absolutely nothing happens.

It works but what about for duel wield?

Good luck if you want to dual wield. If you wanna use two identical weapons, the weapon hotkey will get confused and undo itself.

I was asking if that was the way to hotkey...I have no idea if that will work or not...