Swing Trading vs Scalping: Key Differences Explained
Intro
In the ever-evolving landscape of financial markets, traders continuously seek strategies that fit their personality and objectives. Two methods stand out in the trading arena: swing trading and scalping. Each approach has its distinct flavor, risks, and rewards, catering to different personalities and strategies. Understanding these differences can empower investors to make informed choices that align with their trading goals and risk tolerance.
Swing trading generally involves holding assets for several days to weeks, capitalizing on expected price swings. This method requires patience and a good understanding of market trends. On the other hand, scalping is more frenetic and demands quick decision-making as traders enter and exit positions within minutes or seconds, aiming to reap small gains that add up over time.
As we dive deeper into this examination, let’s unpack each strategy more thoroughly. We’ll look at the core principles behind them, their methodologies, key advantages, potential downsides, and the skill sets needed to succeed in either domain. Traders, whether novices or seasoned, stand to benefit from a clear and comprehensive view of their options in today's dynamic market environment.
Understanding whether you resonate more with the patient rhythm of swing trading or the rapid-fire pace of scalping can significantly affect your success in trading. So, buckle up as we navigate through these two distinct yet enticing strategies.
Foreword to Trading Strategies
Successful trading in financial markets hinges on the careful selection of a trading strategy. If someone jumps in without a plan, it's akin to wandering in a neon-lit maze without a map—confusing and ultimately fruitless. Thus, understanding different trading strategies serves as the lynchpin for any investor looking to navigate dynamic market conditions effectively.
Defining Trading Strategies
In the simplest terms, a trading strategy is a fixed plan that enhances the odds of achieving a return on an investment. Think of it as a recipe for cooking; there's an art to combining various ingredients to create a dish that is appealing and enjoyable. In the realm of trading, the "ingredients" can be market trends, technical indicators, and risk management practices.
Different strategies cater to various trading styles and risk appetites. For instance, swing trading may attract those seeking to profit from short-term market movements over days or weeks, while scalping focuses on making quick trades to capitalize on tiny price fluctuations. Each approach carries its own set of rules and methodologies that traders must follow.
Importance of Strategy Selection
Choosing the right trading strategy is not just an act of picking one from a buffet; it requires serious consideration of personal goals and market behavior. A well-defined strategy not only helps in maintaining discipline but also equips traders to know when to enter and exit positions.
An investment strategy acts like a safety net. It helps to mitigate emotional decisions—imagine watching a stock price plummet, your heart racing, and suddenly you're selling in a panic rather than sticking to your plan.
To add depth to this discussion, consider the following points:
- Goal Alignment: The selected strategy should resonate with the trader's financial goals. For instance, if someone aims for quick, frequent profits, scalping may suit them better than swing trading, which often focuses on larger, longer-term gains.
- Risk Management: Each strategy provides clear guidelines on risk tolerance. For example, scalpers might set strict loss limits due to the frequency of their trades, while swing traders may be more flexible with their stop-loss orders, accommodating larger fluctuations.
- Time Commitment: Different strategies demand varying amounts of time and attention. A full-time day trader immerses themselves in the market, altering positions throughout the day, whereas a swing trader might check the market only a few times weekly.
Choosing the right strategy can significantly influence your trading results, cutting losses faster and maximizing profits.
Understanding Swing Trading
Swing trading is a strategic approach that allows traders to capitalize on price movements within a specific time frame, usually ranging from a few days to several weeks. This method focuses on capturing the "swings" in the market, whether they are upward or downward movements. The significance of knowing swing trading lies in its ability to offer flexibility and the potential for substantial gains, while requiring less time compared to day trading.
The Concept of Swing Trading
Swing trading essentially revolves around the idea that stocks or other financial instruments will move in cycles. Traders engage in this strategy to not only understand but to predict these cycles and make informed decisions based on market momentum. Unlike day trading, which requires constant monitoring of the market and rapid decisions, swing trading allows traders to make strategic moves based on technical analysis and broader market trends, often alleviating some of the stress associated with trading.
To get a clearer picture, think of it like fishing. You don't just cast your line haphazardly; you observe the ripples and movements in the water. Similarly, swing traders watch the market's ebbs and flows, deciding the right moments to "cast" their trades.
Key Principles of Swing Trading
The principles driving swing trading center around three vital concepts: trend analysis, momentum indicators, and risk management. Here's a quick breakdown of each:
- Trend Analysis: Understanding whether the market is in an uptrend, downtrend, or sideways ensures that traders align their strategies with prevailing market forces.
- Momentum Indicators: Tools like the Relative Strength Index (RSI) and Moving Averages help traders gauge whether an asset is overbought or oversold, serving as critical signals for entry and exit points.
- Risk Management: Successful swing traders employ stop-loss orders to minimize potential losses and protect their capital.
Mastering these principles not only aids in making astute decisions but also helps in developing a robust trading plan that withstands market fluctuations.
Typical Time Frame for Swing Trades
The beauty of swing trading lies in its adaptability across various time frames. Typically, swing trades last from one to several days, with the aim of holding positions long enough to capture significant market moves without the pressures of daily fluctuations. Generally, a swing trader might hold onto a position for anywhere between 3 days to a couple of weeks.
This time frame strikes a balance, allowing traders to devote adequate resources to make informed decisions without succumbing to the frenetic pace of minute-by-minute trading.
Common Tools and Techniques for Swing Traders
Swing traders often utilize a set of tools and techniques that optimize their decision-making process. Some of the most common include:
- Chart Patterns: Identifying patterns like head and shoulders or triangles can signal potential price movements.
- Technical Indicators: While moving averages and Bollinger Bands are foundational, tools like Fibonacci retracement levels also guide traders in setting entry and exit points.
- News Analysis: Keeping an eye on economic indicators and breaking news can provide critical context behind price movements, offering opportunities for informed trading decisions.
Additionally, platforms such as TradingView and MetaTrader provide the necessary charts and tools to analyze price action effectively, making them favorites among swing traders.
Exploring Scalping
Understanding scalping is foundational for traders looking to adapt to fast-paced market environments. This trading approach captivates those who wish to capitalize on minor price movements during the day. Scalping not only offers the potential for quick profits but also entails unique considerations that traders must navigate. It's essential to grasp these various aspects, as this knowledge can fundamentally influence your trading effectiveness and decision-making process.
The Concept of Scalping
Scalping is a short-term trading strategy that aims to profit from small price changes, often leveraging high trading volumes. Within minutes or even seconds, scalpers enter and exit trades, making numerous transactions throughout the day. Unlike swing traders who may hold positions for days or weeks, a scalper’s goal is to earn modest yet consistent returns multiple times a day. To attempt scalping successfully, traders must be ready to react quickly, maintaining a laser focus on market fluctuations.
Key Principles of Scalping
At the core of scalping are several principles that ensure effectiveness in this fast-paced arena:
- Speed and Timing: Quick decision-making is crucial. The ability to act swiftly often differentiates successful scalpers from those who falter.
- Volume over Value: Scalpers typically rely on quick trades rather than waiting for significant price movements, aiming to achieve small profits repeatedly.
- Utilization of Technology: High-frequency trading software and platforms that offer real-time data become indispensable tools for scalpers.
- Strict Risk Management: Due to the rapid nature of trades, maintaining strict stop-loss orders and managing risk is vital to preserve capital.
Each principle underscores the need for a disciplined and methodical approach, enabling traders to navigate the unique challenges presented within this trading style.
Typical Time Frame for Scalping Trades
Scalping trades operate on incredibly short time frames, often lasting mere seconds to a few minutes. The precise duration may vary, but the common thread remains: quick entries and exits. Traders may spend several hours a day monitoring charts, executing trades that could last anywhere from 1 to 5 minutes. This rapid pace requires acute attention and the ability to deal with pressure; therefore, effective time management and quick reflexes become essential skills for those engaging in scalping.
Common Tools and Techniques for Scalpers
Scalpers deploy a variety of tools and techniques to enhance their trading effectiveness:
- Advanced Charting Software: Platforms like MetaTrader and TradingView provide detailed charts and technical indicators necessary for scalping.
- Level II Market Data: This tool offers deeper insights into market depth, allowing traders to better predict potential price movements.
- Algos and Bots: Automation can play a significant role in scalping, helping traders capitalize on opportunities when they might not be in front of their screens.
- Fast Execution Brokers: Selecting a broker that ensures minimal latency can mean the difference between a successful trade and a missed opportunity.
These tools serve to streamline the scalping process, allowing traders to react effectively to the ebbs and flows of market activity without being left behind.
Swing Trading vs Scalping: Direct Comparison
In the world of trading, understanding the distinct methodologies of swing trading and scalping is crucial for any investor aiming to enhance their trading efficiency. Both strategies serve their unique purposes, but a direct comparison can help illustrate different paths to success. The essence lies in evaluating the specific elements like risk-reward assessment, market conditions that favor each style, and the psychological ramifications for traders engaged in these practices.
Risk and Reward Assessment
When investors contemplate risk versus reward, the dichotomy between swing trading and scalping becomes apparent. Swing trading typically involves holding positions for several days or weeks, which can yield larger profit margins. However, this also means exposure to market fluctuations over a longer period, thus demanding a careful strategy to manage risk.
In contrast, scalping aims for rapid trades, usually lasting just a few seconds to minutes. Each trade seeks minor price movements, and while the profits may be small, the cumulative effect can be considerable. The trade-off here is that frequent trades generate transaction costs, which can chip away at profits.
- Swing Trading:
- Scalping:
- Potential for greater profits due to longer holding periods.
- Greater exposure means higher risk from market volatility.
- Quick returns with each trade.
- But consider the transaction costs and need for precision.
In summary, swing traders can enjoy significant returns, but with increased risk, while scalpers generally mitigate risk by making numerous trades but must also contend with costs.
Market Conditions Favoring Each Strategy
The effectiveness of swing trading versus scalping can hinge on the prevailing market conditions. Swing trading thrives in fluctuating markets that present significant price swings. If an investor identifies strong trends or reversals, these can be capitalized upon for substantial gains. Markets with defined support and resistance levels can also offer favorable conditions for swing traders as they can predict potential reversals based on historical data.
On the opposite side, scalping is best performed in stable, sideways markets. When prices are choppy but not trending, scalpers can grab profits from small fluctuations without significant risks of a major downturn. High liquidity is also paramount; without it, scalpers find it difficult to enter and exit trades efficiently.
Here’s how to identify favorable conditions:
- Swing Trading:
- Scalping:
- Trending markets (up or down).
- Strong support and resistance.
- Sideways, stable markets.
- High liquidity for entering/exiting quickly.
Recognizing these conditions can empower a trader to select the appropriate strategy that aligns with their trading style and market behavior.
Psychological Aspects of Traders
Engaging in swing trading or scalping can dramatically influence a trader's psychological state. The nature of swing trading often nurtures a more patient and analytical mindset. Traders may reflect on their strategies over days, assessing patterns and slowly making decisions. This slower pace can lead to a healthier trading mentality, as traders have time to think through their positions without the intense pressure of immediate decision-making.
On the other hand, scalping enforces quick thinking and a robust focus. With the constant buy-sell transactions occurring within minutes or seconds, the emotional toll can be heavy. It is crucial for scalpers to maintain composure under pressure and to avoid emotional decision-making that could derail their strategy.
Key psychological considerations include:
- Swing Trading:
- Scalping:
- Patience; time for reflection; lower emotional stress.
- A focus on trend analysis and actionable insights.
- Requires quick reflexes and solid concentration.
- Emotional resilience to weather win-loss cycles.
Understanding one’s own psychological strengths and weaknesses can be the difference between success and failure in either strategy.
The comparison of swing trading and scalping reflects a landscape of diversity in trading tactics, each valuable in its own right. With risk and reward profiles, market conditions, and psychological demands varying significantly between the two, careful consideration is vital in aligning one's trading strategy to their profile for optimal performance.
Advantages of Swing Trading
Swing trading offers several advantages that attract traders from various backgrounds, especially those balancing their time between trading and other commitments. Understanding these benefits can aid in recognizing why many traders may lean toward this strategy compared to others.
Flexibility and Time Management
One of the most appealing aspects of swing trading is its inherent flexibility. Traders engaging in this strategy don't need to be chained to their screens, unlike those involved in scalping. Swing traders often take a middle approach between day trading and long-term investing, holding positions for several days to weeks. This means they can plan their trades without needing a constant presence in the market.
This flexibility allows swing traders to manage their time more effectively. They can combine their trading activities with other professions or interests, creating a balanced life without heavy disruption. For instance, a swing trader might analyze trends in the evening after their regular job and execute trades once they see favorable setups. Thus, swing trading caters to those who want to be part of the financial market but may not have the bandwidth for a more active strategy.
Moreover, this strategy lends itself well to reflecting on the market and making informed decisions. Time is not the enemy here; rather, it transforms into an ally that helps in thorough analysis and strategy refinement.
"Time invests into research compounds the chances of successful trades."
Potential for Larger Gains
Swing trading also presents the chance for larger profits compared to other trading styles. While scalpers aim for smaller, quick profits from numerous trades, swing traders can significantly benefit from larger price movements. This is especially true in volatile markets where conditions can change rapidly, offering substantial opportunities.
By capturing swings in the market, traders can exponentially enhance their profits. For example, in a strong bullish phase, a well-timed swing trade might capture a notable part of that movement—perhaps a 10% to 30% gain over a couple of weeks. Ultimately, this profit potential is appealing to many traders who favor fewer trades but with more significant returns.
Additionally, the strategy allows traders to apply various tools and technical analyses to identify setups that can lead to sizable profits. Whether through chart patterns, support and resistance levels, or Fibonacci retracement lines, swing traders can harness different strategies to refine their approach.
Advantages of Scalping
Scalping, recognized for its swift strategy, stands out with its own distinct advantages. For traders who thrive in a fast-paced environment, this style of trading can be quite rewarding. A closer look reveals two crucial benefits that make scalping a preferred choice for many in the trading community: quick profit opportunities and less exposure to market volatility.
Quick Profit Opportunities
The hallmark of scalping is the pursuit of small but frequent profits. Unlike swing trading, which may require holding positions for several days, scalping turns the focus towards capturing short-term movements in the market. By utilizing this strategy, traders can attain profits from minor price fluctuations that may happen within a matter of seconds or minutes.
This method demands sharp analytical skills and quick decision-making. A scalper may execute dozens, if not hundreds, of trades in a single day. The excitement lies in the volume – even if each trade only nets a small gain, when accumulated, these profits can add up significantly.
For example, a trader might buy shares of a particular stock for $100, only to sell them a moment later for $100.05. This may seem trivial, but repeat that many times, and the profit potential becomes attractive. As a result, while the individual transactions may seem minute, the cumulative profits of successful strategists can be substantial. This activity doesn’t just improve profit margins; it also fosters a sense of engagement when compared to less active strategies.
Less Exposure to Market Volatility
Another significant advantage of scalping is that it generally results in reduced exposure to market risk. Because a scalper holds positions for such a brief duration, they're often less affected by drastic market fluctuations that swing traders might face. A common concern in trading is the potential of overnight surprises – unexpected economic news or events can wreak havoc on a trading plan. With scalping, the aim is to be out of a position before these larger shifts can occur.
In this regard, scalping can be seen as a way to insulate one’s portfolio from the broader market's unpredictability. If one typically engages in scalping, the positions might be closed long before the market atmosphere changes. It's more like navigating through traffic in a crowded city: knowledge of routes and timing means one can avoid roadblocks and hit green lights more often than not.
Disadvantages of Swing Trading
Swing trading, despite its allure, isn’t without its share of pitfalls that traders must consider. Understanding these disadvantages is crucial for investors aiming to navigate the complex maze of financial markets effectively. This section shines a light on two primary challenges: larger market exposure and emotional hurdles. Grasping these aspects can empower traders to make more informed decisions based on their personal trading profiles and risk tolerance.
Larger Market Exposure
One of the main drawbacks of swing trading is that it often leads to a bigger exposure to market fluctuations. Unlike scalping, which usually involves holding positions for mere minutes or hours, swing traders can find themselves investing in trades that span several days or weeks. This extended duration can be a double-edged sword.
On one hand, it gives traders time to capitalize on larger price movements. On the other hand, holding onto trades overnight can expose them to unexpected market news or events that can rapidly shift prices. For instance, a swing trader with a position in a prominent tech stock might wake up to find the company embroiled in controversy, resulting in a significant drop in share prices. Such scenarios can drastically impact potential profits or even trigger substantial losses.
Considerations about Market Exposure
- Volatility: The longer a position is held, the greater the chance that market volatility can affect it negatively.
- News Events: Earnings reports or geopolitical developments can lead to unfavorable outcomes, altering the anticipated trajectory of a trade.
- Wider Stop Losses: Swing traders often set broader stop losses to accommodate for the volatility, which can result in larger financial risks.
It’s crucial for those choosing to swing trade to be aware of their market exposure and develop robust risk management strategies to mitigate these dangers.
Emotional Challenges
Trading is not just about numbers and charts; it often involves a hefty psychological component as well. The emotional challenges that come with swing trading can be daunting. Holding onto a position can lead to anxiety, especially when prices begin to fluctuate beyond a trader's comfort zone.
As positions linger, the tension builds. Traders might find themselves glued to price charts, second-guessing decisions at every twist and turn. When a trade goes against them, frustration may morph into panic, leading to hasty decisions that counter their original strategy.
Key Emotional Factors to Consider
- Fear of Loss: The longer a position is held, the more a trader might fear losing their capital. This fear can lead to premature selling, which often results in missing out on potential gains.
- Greed: Conversely, as prices rise, a swing trader may struggle with letting go of a winning position, increasing the risk of giving back profits.
- Lack of Discipline: It can become challenging to stick rigidly to a trading plan when emotions are running high, causing impulsive actions that defy established strategies.
To combat these emotional challenges, traders can develop personal solutions such as setting clear trading goals, adhering to a well-defined strategy, and implementing self-discipline practices. It is vital to maintain a balanced psychological state to perform effectively.
"The greatest battle is not in the market, but within ourselves."
In summary, while swing trading has its advantages, grasping the array of disadvantages, particularly larger market exposure and emotional challenges, is critical. Understanding these factors will position traders more favorably in their trading journeys, fostering an environment for thoughtful and well-calculated decisions.
Disadvantages of Scalping
Scalping, with its rapid-fire trades and the allure of quick profits, comes with its unique set of challenges. For those considering this strategy, understanding the downsides is as essential as knowing its advantages. After all, what glitters isn't always gold. An informed trader can better navigate the turbulent waters of the market.
High Transaction Costs
One of the most notable drawbacks of scalping is the high transaction costs associated with frequent trading. Each trade may incur commissions and spreads that can quickly add up. While some brokers offer incentives for active traders, the sheer volume of trades from a scalping strategy can render these savings negligible, if they exist at all.
Consider a scenario: a trader executes around 50 trades in a day, each with a commission of $5. Simple math shows this amounts to $250 in costs. If their winning trades garner only modest profits, it’s quite possible that these gains are offset entirely by transaction fees. Moreover, in less liquid markets, the spread—the difference between buying and selling prices—can widen significantly. Traders might find themselves facing losses even before market fluctuations are factored in. Thus, when adopting scalping, they must be acutely aware of how costs can eat into profits.
Intense Focus Required
Another major hurdle for scalpers is the intense focus required during trading. Unlike swing traders who may analyze market conditions over hours or days, scalpers operate on a much tighter leash. They need to keep an eagle eye on charts, price movements, and potential market shifts happening in real-time.
This level of concentration can be mentally exhausting. Imagine trying to stay tuned in while analyzing multiple charts and price levels, all racing against the clock. A lapse in focus, even momentarily, could lead to missed opportunities or poor trading decisions. Over time, this pressure can weigh heavily on one's mental stamina. For some, it may even lead to emotional fatigue, leading to hasty decisions driven by stress rather than strategy. Traders must gauge if they have the mental fortitude to handle this fast-paced environment.
Trading without a clear head is like sailing in a storm without a compass – you might end up lost.
In sum, while scalping offers the tantalizing prospect of quick profits, the realities of high transaction fees and the necessity of constant vigilance present formidable challenges. Understanding and accepting these limitations is key for anyone considering this dynamic trading style.
Choosing the Right Strategy for Your Profile
In the realm of trading, choosing the right strategy is paramount. Swing trading and scalping both offer unique advantages and drawbacks, catering to different types of traders. Understanding which approach aligns with your personal financial goals, lifestyle, and mindset can be the key to unlocking sustained success in the markets.
Assessing Your Risk Tolerance
Before diving into any trading strategy, it’s crucial to assess your risk tolerance. This essentially means understanding how much risk you’re comfortable taking on. Some traders thrive on high-stakes plays, embracing significant swings for the chance at substantial profits. Others, however, might prefer a more cautious approach, not wanting to lose sleep over market fluctuations. This self-assessment can guide whether to engage in the more volatile nature of scalping or the relatively calmer waters of swing trading.
- High Risk Tolerance: If you handle risk like a seasoned sailor braving a storm, scalping might excite you. It demands constant attention and rapid decision-making, but it can also yield quick profits.
- Low Risk Tolerance: Conversely, if you’re more of a deliberate thinker, swing trading’s slower pace may suit you. It allows for reflection and strategic planning, minimizing emotional stress every tick.
Evaluating Time Commitment
Time commitment is another essential consideration when selecting a trading style. Scalping typically requires a trader to be glued to their screen for extended periods, as opportunities can arise and vanish in the blink of an eye. On the other hand, swing trading generally demands less of your time on a daily basis. Often, swing traders might only check in periodically, allowing for more balance with daily life obligations.
- Limited Time Availability: If your schedule is packed and you can’t afford to devote hours daily, swing trading can fit neatly into your lifestyle, letting you make well-thought-out decisions without feeling rushed.
- Flexibility: Scalpers, on the other hand, need to possess a more flexible daily routine. They might need to trade around the clock, regardless of other commitments.
Understanding Market Psychology
One must also grasp the psychological elements at play in trading. Markets can be capricious, swayed by sentiment or unexpected news. A strong psychological fortitude can help traders navigate these choppy waters. Swing trading can typically foster composure since positions are held longer, allowing for a steadier mindset even in turbulent times.
- Traders’ Mindsets: Scalpers, however, might face the psychological strain of rapid trades, making it essential to develop a resilient mindset. A single loss can feel consequential in a high-frequency trading environment.
- Patience and Discipline: On the flip side, swing traders may find themselves needing patience to wait for ideal setups. This requires a disciplined approach, but can yield significant rewards over time.
"Understanding your risk tolerance, assessing your time, and having a strong grip on market psychology lays the groundwork for choosing the appropriate trading strategy."
When deciding between swing trading and scalping, consider these elements. Reflect on your personal inclinations and market behaviors. The right fit can make all the difference in achieving your trading goals.
The End: Deciding Between Swing Trading and Scalping
When it comes to selecting a trading style, understanding the nuanced dynamics of swing trading and scalping is paramount. Both strategies offer unique approaches to seizing opportunities in the financial markets, yet they cater to different types of traders with varying objectives, risk tolerances, and time commitments. The importance of this section lies in its ability to distill the essences of each strategy, helping traders make informed decisions that align with their investment aspirations. In the fast-paced world of trading, clarity can be the difference between success and failure.
Summary of Key Points
Both swing trading and scalping serve distinct purposes within the realm of trading. Here are some of the salient features that were discussed:
- Time Commitment: Swing trading typically requires less time than scalping. Traders focus on holding positions for days to weeks while scalpers aim for rapid trades that last just a few minutes or even seconds.
- Market Analysis: Swing traders analyze longer-term price movements and trends, whereas scalpers rely heavily on technical indicators and immediate market conditions to spot opportunities.
- Risk and Reward Profile: In swing trading, the profit potential is generally higher per trade but comes with greater exposure to market fluctuations. Conversely, scalping often involves countless small gains that require rigorous strategy adherence and quick execution.
- Tools and Techniques: Resources differ greatly; swing traders may use chart patterns and trend analysis, while scalpers depend on tools allowing for high-frequency trading and instant market alerts.
In short, your strategy choice can greatly influence your trading success, mirroring how a well-oiled machine can outperform a clunky one.
Final Considerations for Traders
As you ponder over the choice between swing trading and scalping, consider a few critical questions:
- What is your risk tolerance? Identifying your comfort with losses can guide your strategy selection. Swing trading might allow you to weather market swings better, while excessive volatility in scalping can shake your confidence.
- How much time can you dedicate to trading? If you're constrained by time, swing trading can serve as a more manageable avenue, whereas scalpers must be ready for constant market engagement.
- Which skills can you leverage? If you have strong analytical skills and enjoy delving into charts, swing trading may suit you well. On the other hand, if quick thinking and intuition are your strong suits, scalping may serve you better.
Ultimately, the decision between swing trading and scalping is intimate and personal, dictated by individual circumstances, preferences, and goals. Familiarity with both methodologies will enable you to adapt as the market shifts, ensuring you remain relevant and competitive in a landscape rife with change.
