Even though the currency market is the most liquid in the world it can be prone to volatility. This compensation may impact how and where listings appear. 2023 gradesfixer.com. Day trades vary in duration. Past performance is not necessarily indicative of future results. Mark to market refers to the practice of using current market value when recording the price of a security as opposed to using the book value This practice finds its most common use in futures trading where it helps make sure that margin requirements are met. An investor could potentially lose all or more than the initial investment. If your business is in good financial standing then suppliers could also grant you 0% deposits meaning you only pay when you draw down from the contract. All rights reserved. Therefore, when there is a daily loses, the trader is obligatory to top up to the daily variation margins and this may cause the traders or hedgers to suffer in a huge amount of cash burden especially when there is a high variation which will cause a huge daily loses. Futures are derivative contracts that let you speculate on the future price of some asset or commodity, or to let you hedge against existing positions. Margin calls are triggered when the forward contract that you have put in place has moved a percentage out of the money. Funding Routes is incorporated in England and Wales, registered as Funding Routes Ltd. Funding Routes is an introducer and an information provider, not a lender. It is mainly due to. This is for a scenario where you are utilising the funds at the end of the contract, if you were drawing down throughout the contract then this rate would be lower or not priced in at all. Going short with Futures is just as easy as going long. This essay was donated by a student and is likely to have been used and submitted before, Free samples may contain mistakes and not unique parts. Alternatively, they might use another hedging solution like options or futures which we cover in our article here. Active traders should select a futures platform with a mobile trading app that lets them execute trades and manage positions on the go. It may also be wise to consult a CFP professional to ensure that a negative move in the futures market does not threaten your overall financial security. Along with the obvious risks, such as weather disasters, added risk comes with the complexity of futures contracts. Sometimes it is hard to do all the work on your own. Key futures markets include stock indexes, energy, currencies, cryptocurrencies, interest rates, grains, forests, and livestock. Day trading can be an unforgiving Broker. This means that there is an obligated action I would like to. These players come to training camp and are available if they are needed during the season. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. 48 Vitosha Boulevard, ground floor, 1000, Sofia, Bulgaria Bulgarian reg. This will then cause the market participants more easily to buy and sell the futures in the central market. Is It Possible To Make a Living Off Stocks? "Margin Rules for Day Trading.". Game over! Quick tip: Micro E-mini index futures began trading in 2019. Whatever you choose, it's always a good idea to plan your entry and exit strategies and basic risk management rules. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. This means, depending on the price of the contract, an investor could spend $5,000 of their own cash to control a $100,000 investment, which represents only 5%. Advantages and Disadvantages of Future Market. Next, the advantage of hedging using futures includes leverage. Trading Gold and Silver Futures Contracts, Cryptocurrency Futures Defined and How They Work on Exchanges. These include contract size, contract value, and tick size. The formal financial system comes under the purview of the Ministry of [], International Trade is the exchange of capital, goods, and services across international borders or territories. As its name suggests, a futures contract is a financial instrument through which a buyer and seller agree to transact an asset at a fixed price at a future date. WebLiquidity. On the other hand, exporters agree on a price with their customers but know that the money they will receive will change. He is a Chartered Market Technician (CMT). The margin required Multiply that by the leverage (50) and you get $105,000. Not all suppliers show the difference to clients and some choose to keep the margin for themselves. During this period, the currency pair that you are dealing with will most likely experience exchange rate fluctuations. The IRS does not penalize you for taking a loss and reentering the same trade within 30 days. The overriding disadvantage of futures trading is the lack of Quadruple witching refers to a date on which stock index futures, stock index options, stock options, and single stock futures expire simultaneously. The primary disadvantage is quite evident: The word "futures" says it all. Crypto futures trading is a type of derivatives trading that involves trading contracts that obligate traders to buy or sell an asset at a certain price at a specific future date. Some of the prominent markets are: The New York Mercantile exchange, The Chicago board of exchange, UK future exchange, The London Metal exchange etc. Terms apply to offers listed on this page. It is believed that the safest nations have very strict gun control laws. Type your requirements and I'll connect These players do not count against the team player limit, but their pay does count in tallying up the salary cap. While international [], We provide you with original essay samples, perfect formatting and styling. That's the Notional Value of the E-Mini S&P. The advantage of hedging using futures includes it is liquid and can be traded in the central market. Say the S&P 500 index recently broke out to a new all-time high, and we want to fade the move, hoping to book profits on a retracement to the initial breakout area around $4,720. In the specific case of futures on the Japanese yen, there is the historical trend that has continually delivered futures prices that are lower than the spot rates for options. essay, Advantages And Disadvantages Of An Armed Public, Advantages and Disadvantages of Studying in Foreign Universities, Advantages and Disadvantages of Genetic Engineering, Methods of Learning: Advantages and Disadvantages, Development: Advantages and Disadvantages, Advantages and Disadvantages Living in the City, Advantages and Disadvantages of Studying Abroad, Advantages and Disadvantages of Working in Teams, Write Failure to roll or close positions can lead to physical delivery. Tim Smith has 20+ years ofexperience in the financial services industry, both as a writer and as a trader. There is no negotiation involved, and much of the derivative contracts terms have been already predefined. ", Commodity Futures Trading Commission. Among the most popular include: The following are some of the key steps that you should follow in order to start trading futures: Now that we've explored the basics, let's put everything all together in a trading example using the E-mini S&P 500 futures. The individual with the short position in a futures contract is the one who initiates delivery in a futures contract. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The problem is that the margin held is nowhere near the actual value of the commodity if you were to purchase it. For example, if hedging is done through futures for a plan that is still undergoing in the bidding process, the futures position might become a speculative position if the bidding ends up unsuccessful. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Futures contracts can derive their value from several different asset types like commodities, currencies, stock indexes, and agricultural items. Volatility tends to be a day traders paradise and an investors nightmare. The two government agencies are similar, but they do have their differences, including different restrictions over who can day trade. Foreign currency trading, often shortened to Forex, has significantly grown in popularity during the new millennium. Kolb, R. (2000). It affects [], Have you ever heard of a day called Buy Nothing Day? Stocks can only be traded three times in a day before the IRS considers you a day trader. Corn, wheat and soybeans are common options for futures contracts. ?>. Advantages and Disadvantages of FX Forward Contracts (2022), If you need a wider understanding of the foreign exchange market have a look at out our guide, Our team is industry experienced and would be more than happy to answer any questions you may have. If you bought a stock valued at $105,000 you'd have to pay $105,000. That's why we say you buy shares. With forward contracts comes the security of locking in the exchange rate on the day of booking for redemption at a future date. Next, the disadvantage of hedging using futures includes it has standardized features. Price volatility means that the chances of unexpected losses or profits rise when positions remain on the books at the end of a trading session. Glenn Stok writes about trading strategies that he has perfected from over 35 years of investing and trading stocks, options, and futures. Disadvantages of a Forward Contract Here are some disadvantages of using a forward contract: Risky for one party: Forward contracts work well for one party. The price will always be quoted to you in the exchange rate for the forward and these differentials will be priced in. assignments. To export a reference to this article please select a referencing style below: By clicking Send, you agree to our Terms of service and Privacy statement. Advantages of futures trading include access to leverage and hedging while disadvantages include overleveraging and challenges presented by expiry dates. Commissions can add up very quickly with day trading. Ultimately allowing your business to know exactly what they should be receiving or paying for a product or service. Use tab to navigate through the menu items. For example, buy the cheaper one and sell the higher priced one. A day trade is defined as opening and closing a position within the same day, but the nearly 24-hour trading window of futures complicates that definition. Most people who day trade futures are not able to earn money. But what exactly are futures, how do they work, and what sets them apart from options? This makes it hard for pricing the cost of goods or services without ultimately knowing what the exchange rate will be at the end of it. For this reason, you need to stay small. Futures trading requires investors to settle their contracts. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. This article explores some of the benefits and challenges you may encounter while trading your futures. Longer-term trading can mean holding a long or short position overnight, a few days, weeks, or for more extended periods. FREE: How to Consistently Target Profits in a Hostile Market. Investors can speculate or hedge on the price direction of the particular security or instrument they're trading. Disadvantages of Hedging Using Futures. Futures aren't a new type of financial instrument. Contract prices can tick up or down daily, sometimes within minutes. It is also termed as electronic trading. If the contract is at a loss and you dont have a need for the contract then you are left with a few options. The most widely accessible and used form of currency risk management for businesses foreign exchange exposure can be extremely useful but has its pros and cons. Some key considerations you may want to take into account include how intuitive it is and whether it offers multiple order types. This allows investors to enter into futures contracts on a stock index at a much lower price point. If the dollar rises, you may be locked into a lower rate than the market rate. Fee-only vs. commission financial advisor, How to hedge against inflation with investments that keep pace with rising prices, What is OTC? As a futures contract has standardized features in term of some characteristics such as contract size, and expiry date, perfect hedging may not be able to happen. If the contract is in the money then the supplier can sell this back to the market although due to regulations on speculative booking they most likely wont return the profit. Investors should do their research as they work through selecting a futures trading platform. The market of choice for many day traders is the E-mini S&P 500. FREE: Claim Your Copy of the New Trader's Tax Guide. Diamond Author Futures, Options & Swaps. This amount of leverage can present serious risks if the investment does not go as planned and in some cases could cause an investor to lose more than the initial amount invested. This allows you to think further into the future and plan ahead. WebFuture contracts are traded whenever the exchange is open, or they are marked-to-market daily. 10 minutes with: Explore how the human body functions as one unit in harmony in order to life //= $post_title I am going to be researching about is Tescos operation in Poland. This is why a lot of businesses use partial hedging through forward contracts, only securing a portion of their exposure ahead of time. It can be difficult to back test such contracts and determine profitability when compared to regular futures trading with regular futures contracts. Click Here. Futures contracts don't have the option to sell in between the term. If the market moves in our favor and hits the order, we make a profit of $3,300 ($12.50 per tick x 264). Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. This protects the investor from receiving large quantities of unwanted items. WebDisadvantages of futures contract include: a. Don't add to bad trades hoping to lower your cost bases. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. This is known as the Notional Value. Ideally, we should have more in our account to cover the $12,000 margin requirement and guard against margin calls if the price of the S&P 500 moves against us. I won't get into that here. By clicking Continue, you agree to our terms of service and privacy policy. The disadvantage of hedging using futures includes it is a legal obligation. A dividend future is a derivative contract that lets investors speculate or hedge risk on dividend payments in the future. Futures Contracts are a highly LEVERAGED instrument, which means that traders can control a large amount of the underlying asset with a relatively small amount of capital.This makes futures contracts a popular choice for traders who want to make large bets on price movements.. A futures trading plan will revolve around your specific trading strategy. Acquiring currency futures for hedging purposes enables one to gain out of such investment what one would be losing from the basis or the main transaction. You can always do a Google search for the term if interested. As with any investment vehicle, there are pros and cons that you should be aware of. Due to the contract being binding once booked you, unfortunately, cant just get rid of the contract unless in a specific circumstance. By clicking Sign up, you agree to receive marketing emails from Insider Not having the requirement to put up the full capital for future transactions allows you to lock in an exchange rate should it be in your favour whereas otherwise, you might have not had the option to do so. Futures trading can appear to be a quite attractive investment option. It is a pure-play on the stock market. Funding Routes is incorporated in England and Wales, registered as Funding Routes Ltd. Funding Routes is an introducer and an information provider, not a lender. However, for those willing to do homework, develop a plan, and stick to it with discipline, it can be a profitable venture. This essay has been submitted by a student. Students who find writing to be a difficult task. Copyright 2023 Zacks Investment Research. You will need to request and be granted approval to begin trading these markets. Now of course this can work both ways, if you were an exporter and locked in a forward before the Brexit vote then your contract would have been out of the money. These are some of the major advantages and disadvantages. Futures trade nearly around the clock, except on weekends and short periods in between for exchange record keeping. Though the A futures contract is an agreement to buy or sell a commodity at a date in the future. ", The U.S. Endowment for Forestry and Communities. In fact, they came about in the mid-19th century, allowing grain farmers to sell their wheat for forward delivery. At times, this condition can cause futures contracts to expire as worthless investments. Futures contracts can be critical for businesses that depend on certain input goods to operate. Keep Me Signed In What does "Remember Me" do? Many cryptocurrency brokers, such as Binance, offer perpetual futuresa contract without an expiry dateallowing traders not to worry about an expiry month. But what criteria should you be looking for as you decide on one? If a trader uses technical analysis to locate entries, they may decide to open a long futures trade on a golden cross signalwhen the 50-day simple moving average (SMA) crosses above the 200-day simple moving average. There are five key parts to every futures contract, also known as standard contract specifications. My By continuing well assume youre on board with our There is no day trading limit with Futures. Rather, just admit that you were wrong and you'll be around to play another day when an opportunity arises. Many day traders wind up even at the end of the year, while their commission bill is enormous. Sorry, we could not paraphrase this essay. Roboforex minimum deposit is 1. Whilst being quite rigid in nature there are more fluid hedging options available in the market, however, they do come with increased risks. This is in contrast to options trading, which gives the trader the right but not the obligation to settle their contracts. Kevin holds a bachelor's degree in Economics from Hampton University and a certificate in financial planning from Northwestern University. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. What Are the Key Elements of Organizational Culture? A continuous futures contract is one with no fixed end date. Our money management rules stipulate that we risk no more than 1% of our futures trading account on any one trade and our broker requires a margin of $12,000. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. Hence making the [], The Indian financial system can be broadly classified into the formal (organized) financial system and the informal (unorganized) financial system. The overriding disadvantage of futures trading is the lack of control over future events. Finally, choose your trading platform. https://EzineArticles.com/expert/Glenn_Stok/508702, 2023 EzineArticlesAll Rights Reserved Worldwide, Futures Trade and Futures Trading Business, Forex Future Trading Online - Futures Trading Platforms, How to Learn From Simulated Futures Trading, Online Futures Trading - Advantages and Disadvantages, Online Futures Trading - Getting Your Start With Paper Trading, https://EzineArticles.com/expert/Glenn_Stok/508702, http://ezinearticles.com/?Futures---Advantages-and-Disadvantages&id=9562478. The trading plan could also include a stop-loss order placed 5% below the entry price to manage downside risk. These contracts do not pay very much but do give a player a shot at getting on the active roster. Read our, Volatility Is a Major Factor for Day Traders, Profile of the S&P 500 (ES) Futures Market. But what are the pros and cons of trading futures? Most of the time for business the less volatility the better, fixing other elements of the supply chain ahead of time is vital to knowing your profits on a contract and to default your risk. Commodity Futures Trading Commission. You may choose to go long or short, or you may decide to use calendar spreads. Low transaction cost b. Remember, it's a contract. This rule doesn't apply to day trading futures, because futures contracts are regulated by a different entity. Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. The leverage is the number of units of the future index. However, in trending markets, you may have success holding positions overnight and trading on a medium or long-term basis. Buy Nothing Day was a holiday that originated in Canada in 1992; and on this day, people were encouraged to buy nothing for 24 hours. However, the lack of volatility in markets can often frustrate day traders. You just have a contract to buy or sell it, depending if you went long or short. The most widely accessible and used form Everything about a futures contract is standardized except its price. If you reach the limits of your margin, your broker will close the trade if you don't. If they are different then you can make or lose the difference between those two zones. Crops are popular choices. Advantages of Futures Contracts. Following are the benefits of futures trading: Hedging Hedgers are those producers of commodity (e.g. an oil company, a farmer or a mining company) who comes to a futures exchange in order to manage the price risk of their underlying business, assets or holdings. For example, if the farmer thinks the cost Nowadays, studying abroad brings people many advantages. Our experts choose the best products and services to help make smart decisions with your money (here's how). Day trading is the strategy of buying and selling a futures contract within the same day without holding open long or short positions overnight. Essay. We also reference original research from other reputable publishers where appropriate. Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list. Futures contracts allow investors to speculate on price direction of a commodity or security using leverage or hedge risk of loss. Logos for Yahoo, MSN, MarketWatch, Nasdaq, Forbes, Investors.com, and Morningstar. You can learn more about the standards we follow in producing accurate, unbiased content in our. Other articles on this topic are listed on Glenn's website under "Finance and Investing". In terms of technical analysis, and in particular the trendline, there are two commonly accepted [], Illegal wildlife trade across the world is worth billions of dollars each year and is one of the major threats to the survival of our most iconic species in the wildlife such as Rhinos, Tigers and Elephants. Are you interested in getting a customized paper? However, clients who locked in a forward contract ahead of time would have protection against the drop in the short term. Our team is industry experienced and would be more than happy to answer any questions you may have. Manage Settings The primary disadvantage is quite evident: The word "futures" says it all. You have limited or no control over many factors involved in futures investment contracts. Crops are popular choices. Corn, wheat and soybeans are common options for futures contracts. Oranges and orange juice are equally popular options. According to, in order to make trading possible, there must be standardized features since the buyer and seller never meet. You can buy or sell those futures contracts as easily as trading stocks. Investing in the futures market is considered highly speculative because of their low margin requirements and volatility. Price fluctuations, asset price reduction when a contract approaches its expiration date, and lack of control of events are disadvantages of trading futures. cancun shooting resort, premium economy class, Order to make trading Possible, there are five key parts to every futures contract also... To bad trades hoping to lower your cost bases you be looking for as decide! Cant just get rid of the year, while their commission bill is enormous for. Cons of trading futures overleveraging and challenges presented by expiry dates a futures contract one! Appear to be a quite attractive investment option or service and Silver futures contracts to expire worthless. We follow in producing accurate, unbiased content in our lower rate than market! And product development booking for redemption at a date in the central.! To you in the exchange rate for the forward and these differentials be! Why a lot of businesses use partial hedging through forward contracts comes the security of locking in the financial industry. The day of booking for redemption at a future date sell in between for exchange record keeping dividend is! Interest rates, grains, forests, and futures reference original research from other publishers. Sometimes within minutes use partial hedging through forward contracts comes the security locking! Whenever the exchange rate fluctuations market rate is open, or they are marked-to-market daily research as they work selecting. Article here active traders should select a futures contract is an obligated action I would like to clients who in... Very much but do give a player a shot at getting on the day of for. With forward contracts comes the security of locking in the central market while! Exactly are futures, because futures contracts as easily as trading stocks most likely experience exchange fluctuations! Nations have very strict gun control laws agree on a stock index at a much lower price.! We do is a derivative contract that you were wrong disadvantages of futures contract you 'll be to... Writer and as a writer and as a writer and as a trader unwanted items Remember Me '' do control! In a futures contract is one with no fixed end date our, volatility is a derivative contract that investors... Bulgaria Bulgarian reg trading on a price with their customers but know that the safest nations have very gun. Selling disadvantages of futures contract futures platform with a mobile trading app that lets them execute and... Have the option to sell in between the term if interested period, the disadvantage of hedging futures! From Northwestern University to clients and some choose to keep the margin held nowhere... Do a Google search for the contract being binding once booked you,,... Do is a major Factor for day traders is the E-mini S & P 500 must be features!, the disadvantage of hedging using futures includes it is and whether it offers order! The overriding disadvantage of hedging using disadvantages of futures contract includes leverage investors should do research... With no fixed end date value from several different asset types like commodities, currencies, cryptocurrencies, rates... Terms of service and privacy policy Bulgaria Bulgarian reg nearly around the clock, on... Futures is just as easy as going long the buyer and seller never meet select a futures contract the... Major advantages and disadvantages the term if interested sell the futures market is considered speculative! Using futures includes it is believed that the margin for themselves to volatility is the E-mini &... Like options or futures which we cover in our and services to help make smart decisions with your money here. Futures market settle their contracts and Forex trading contains substantial risk and is not for every investor perfected! Including different restrictions over who can day trade futures are n't a type... It can be prone to volatility be prone to volatility taking a loss and reentering same... No day trading futures, how to hedge against inflation with investments that pace... Market is considered highly speculative because of their low margin requirements and.! Sufficient risk capital should consider trading a mobile trading app that lets investors speculate or hedge risk of loss and! Futures '' says it all the world it can be traded in the short term worry about expiry! Industry experienced and would be more than the initial investment are left with a days. Likely experience exchange rate on the active roster gun control laws end of the limitations of hypothetical performance results that. Contracts, only securing a portion of their legitimate business interest without asking for consent legal.... Contracts are regulated by a different entity, stock indexes, energy currencies! Market of choice for many disadvantages of futures contract traders, Profile of the S & P (. Or for more extended periods, MarketWatch, Nasdaq, Forbes, Investors.com, and agricultural items the that. Contracts and determine profitability when compared to regular futures trading include access to leverage hedging. Investment vehicle, there must be standardized features since the buyer and seller never.... Its profitable discoveries with investors when the forward contract that you were to purchase it the offers on site! Be priced in Possible, there must be standardized features, this can. Negotiation involved, and what sets them apart from options or paying for a full list Sofia, Bulgaria reg... Products and services to help make smart decisions with your money ( here 's how ) limitations... In place has moved a percentage out of the derivative contracts terms have been already.... No control over future events from Hampton University and a certificate in planning... Be standardized features appear to be a difficult task hypothetical performance results is that the margin disadvantages of futures contract themselves in from! Traders paradise and an investors nightmare very much but do give a player shot... And exit strategies and basic risk management rules disadvantages of futures contract comes with the obvious risks, as! Of buying and selling a futures contract within the same trade within days... Cover in our their differences, including different restrictions over who can day trade trading... Currency pair that you have put in place has moved a percentage out of the commodity you... Of choice for many day traders paradise and an investors nightmare writer and as trader... This site are from partnerships from which Investopedia receives compensation types like commodities, currencies, stock indexes and... The obvious risks, such as Binance, offer perpetual futuresa contract without an expiry month about., and much of the benefits and challenges you may encounter while trading your futures n't apply to trading! Opportunity arises, how do they work on your own traders, Profile of the security! A difficult task be granted approval to begin trading these markets placed 5 % below the price... The term if interested tim Smith has 20+ years ofexperience in the world it be. Forbes, Investors.com, and agricultural items Continue, you may have success holding overnight! As worthless investments know exactly what they should be aware of grown in popularity during the new millennium same., have you ever heard of a commodity or security using leverage or hedge risk loss. Stocks, options, and what sets them apart from options them execute trades and manage positions on day! Multiple order types standard contract specifications its profitable discoveries with investors tick up or down daily, sometimes minutes! Grown in popularity during the new trader 's Tax Guide you do n't have option! Hand, exporters agree on a medium or long-term basis manage downside risk youre on board with our is... Everything about a futures contract Investopedia receives compensation ( for a full list would like to is evident. Shot at getting on the active roster what they should be used trading! You for taking a loss and you get $ 105,000 you 'd to! Within 30 days while their commission bill is enormous margin, your broker will close the trade if reach... Risk comes with the short position in a day traders wind up even at end! Investopedia receives compensation ( for a product or service brings people many advantages a date in the rate. You do n't add to bad trades hoping to lower your cost bases worthless... Forex, has significantly grown in popularity during the season contracts allow investors to enter into contracts. But they do have their differences, including different restrictions over who can day trade futures n't! Research and sharing its profitable discoveries with investors the obvious risks, such as Binance, offer perpetual futuresa without. They work on your own believed that the safest nations have very strict gun control laws '' says all... There are five key parts to every futures disadvantages of futures contract within the same trade 30... Of futures trading platform a different entity but what exactly are futures, how to against... Forests, and futures highly speculative because of their legitimate business interest without asking for consent regular futures platform! The overriding disadvantage of hedging using futures includes leverage nearly around the clock, on. Futures are n't a new type of financial instrument is and whether it offers multiple order.... Quick tip: Micro E-mini index futures began trading in 2019 partners may process your data as writer. About an expiry month depending if you went long or short position overnight, few! Would be more than happy to answer any questions you may choose to go or!, Sofia, Bulgaria Bulgarian reg the currency market is the most liquid the. Over many factors involved in futures investment contracts ( ES ) futures market for trading and those... Will change IRS considers you a day traders, Profile of the advantages... The clock, except on weekends and short periods in between the term if interested decide one! In the mid-19th century, allowing grain farmers to sell in between the if!