ForexPeoples Contest Regulations
1. Tournament participants
Every person of legal age (who has reached the age of 18), wishing to participate, can apply with the special form. Tournament participants must meet the following compulsory requirements:
* submit full and accurate information about him/herself;
* each individual participant must apply with one application form and open only one tournament account;
* participant personally works on the tournament account opened in his/her name.
2. Main definitions
All violations of the tournament rules as well as all fraudulent and other actions aimed at profiting from participation in the tournament, excluding the participant’s work on the sole account opened in his/her name, will lead to the participant’s immediate disqualification.
The Administration reserves the right to identify users during the tournament, which includes complete identification.
Participant registration forms as well as tournament tables and additional information about the tournament results can be found at contest.forexpeoples.com.
All registered users will receive "virtual" 100,000 USD on their demo-accounts. Each account has the following restrictions:[color=#FF0000]
* Maximum deal size – 0,5 lot
* Maximum amount of simultaneously opened deals per account - 10
* All deals may be opened with one currency pair
* All deals will be forcibly closed before the end of the tournament.
* Participant’s demo-account can be disqualified under the following conditions:
* No deals are made on the account;
* More than 5 working days have passed after the beginning of the tournament.
3. Duration of Tournament.
Start of participants’ registration – 30th of January, 2009, at 00:00:00 a.m., terminal time (hereinafter terminal time is GMT+2). End of participant’s registration – 20th of February, 2009, at 11:59:59 p.m., terminal time.
Start of the tournament – 9th of February, 2009, at 01:00:00 a.m., terminal time; end of the tournament – 6th of March, 2009 at 10:59:59 p.m., terminal time. Tournament results will be summarized no later than 13th of March, 2009 at 8 p.m., terminal time.
4. Prizes and Award Procedure.
There are 8 top places with the following prizes:
* 1st place – USD 800;
* 2nd place - USD 500;
* 3rd place - USD 300;
* 4th place - USD 200;
* 5th place - USD 100;
* 6th place - USD 50;
* 7th place - USD 30;
* 8th place - USD 20.
The funds will be deposited to the winner’s trading account number.
5. Definition of Winners.
The trader who receives the maximum rating will be a winner. Top places on the standings are divided according to rating.
The following instruments are used to calculate competitive ratings: EURUSD, USDJPY, USDCHF, USDCAD, EURJPY, EURCHF, EURAUD, AUDNZD, XAUUSD, GBPUSD, GBPCHF.
Unlimited trade with other instruments is permitted, but it will not affect the competitive rating.
The tournament winners are those who take largest profit with the largest number of instruments.
The final rating is calculated taking into account trading results of all above mentioned instruments.
The rating components are:
COMPONENT_POSITIV = LOG10(SQR(SQR(EURUSD * GBPUSD * USDJPY * USDCHF)) * USDCAD * EURJPY * EURCHF * GBPCHF * EURAUD * AUDNZD * XAUUSD), where each symbol indicates the final trading result of this instrument, taking into account all profits and losses. If the trading result is less than + 1 USD, the result is deemed equal to 1 during positive calculation of rating component.
COMPONENT_NEGATIV = LOG10(SQR(SQR(EURUSD * GBPUSD * USDJPY * USDCHF)) * USDCAD * EURJPY * EURCHF * GBPCHF * EURAUD * AUDNZD * XAUUSD), where each symbol indicates the final trading result of this instrument, taking into account all profits and losses (during calculation the component is the only absolute value – without mark). If the trading result is more than - 1 USD (minus 1 virtual dollar), the result is deemed equal to 1 during negative calculation of rating component.
The rating is calculated from the components with this formula: RATING = 10 * (COMPONENT_POSITIV - COMPONENT_NEGATIV)
The result of trade with XAU is 5 times below absolute value. For example, if the result of trading on XAUUSD is $160 profit by the end of the tournament, it will be $32 in the ratings formula.
6. Dispute Resolution
If a disputable situation should arise in determining the winners (in case of a tied or equal rating), a winner will be chosen by the tournament administration
In the case of any technical problems or difficulties, such as failure in the trading server work, connection interruptions, or other technical difficulties, the only claims to be examined are claims related to pending orders processing (including stop-orders). In the case of non-market quotations (spikes), deals below the market prices will be revised.
7. Tournament administration obligations.
It is strictly forbidden for the LiteForex, Straighthold Investment Group, Inc., and Trend Line Ltd. employees of and/or their family members to participate in the tournament.
The tournament participants should follow the Quoting Regulations and other Straighthold Investment Group, Inc. regulatory documents for any questions which are not expressly or by implication mentioned in these Regulations.