well trendsetters the scalpers have been scalped!!!
We have re-calculated and the table starting from Mondays Trading will look like this
Finalist New Total
1 alanmcg2 $122,880.74
2 hvnguyen $121,304.66
3 dash $119,268.68
4 Banksia $118,269.11
5 Cool Trader $117,869.57
6 Airy Fairy $116,748.89
7 John S $115,187.36
8 Lazarus $113,294.18
9 topned $112,974.89
10 leighton.nies $110,410.06
11 hugo 23 $109,954.18
12 Ron Brown $106,441.26
13 mikat $103,895.70
14 Annette Wilkins $102,918.63
15 simos $100,621.32
16 show me the money $99,932.17
17 Jonathans #1 $97,771.93
18 jrom $97,503.27
19 lucky9 $96,741.69
20 Maximus_Meridianus $91,430.86
to also clarify - yes you can buy stock less than $1.50, simply if you buy stock less than $1.50, sell them in less than half an hour and make a 1c gain you won't be creditted for the trade (that satisfies all 3 of the criteria) This is not open to interpretation
All other trades and trading is OK however we reserve the right to scrutinise any pattern of trading that we see as being "suspected of cheating, attempting to exploit the Contest or other inappropriate behavior."
Hope this is clear
Best of Luck
Quoting CNBC's Trading Matters Challenge :
Dear Finalists
Despite a general warning on market manipulation issued to all finalists on the 2/4/08 and individual warnings to some contestants issued during this week, there is still evidence of cheating and innapropriate behaviour that we as the promoter have deemed as cheating and regretfully we will need to take action against some contestants to ensure the competition is fair for all players.
The terms and conditions state the following
“Although all trading in the Contest is fictional, Participants are expected to engage in trading activity that fully complies with all federal and state securities laws (including without limitation insider trading), as if they were trading actual stocks."
Furthermore
Promoter reserves the right to terminate Contest participation by any Participants suspected of cheating, attempting to exploit the Contest or other inappropriate behavior. All such action will be determined by Promoter in its sole discretion.”
Contestants placing orders for minimal amounts in real trading systems to temporarily take advantage of a lower last traded price on a buy to sell later at the market price is cheating and not in the spirit of competition. From this point forward - anyone suspected of either being engaged in this activity ot taking advantage of somebody else engaging in this activity will be ejected without warning.
Use of trading systems to develop a trading strategy soley reliant on examining buying and selling volumes to make short term buy and sells is not in the spirit of competition. However obviously some contestanst can detect a short term buy and sell opportunity over the course of the day and it is relatively hard to seperate these two very different situations, however the status of our leaderboard and the style of trading by some contestants indicates that the examination of volumes on stocks is reasonably widespread.
We will therefore be doing two things to address this
Firstly new criteria will be introduced for the last week of trading to attempt to address this
1.Trades will not be credited if they are;
- Trades where stocks bought and sold that are priced under $1.50
- Trades where stocks bought and sold in a short time period (30 minutes)
- Trades where only a 1c gain is made
If a trade satisfies 3 of those criteria, you will not be credited for the trade, the gain will be removed from your portfolio value at the end of the day, it will still count as a trade (using up 2 out of your 25 transactions) and brokerage will be charged - meaning you will lose money from this transaction
If a trade satisfies only one or two of those criteria, you may not be credited with the trade at the discretion of the promoter.
2. The leaderboard will be adjusted to reflect the implementation of this as of pre-trading this morning - meaning the new leaderboard as of Monday 9am will look as such
New Table
hv nugen $123,367
dash $122,242
alanmcg2 $122,193
banksia $120,849
cool trader $119,490
airy fairy $116,749
top ned $114,675
john s $113,842
lazarus $113,494
leighton nies $113,320
hugo 23 $110,406
ron brown $106,441
annette wilkins $103,544
mikat $103,494
simos $100,196
show me the money $98,963
jonothon #1 $97,876
jrom $97,680
lucky9 $96,353
maximus meridianus $91,036
This will not be implemented until Monday prior to trading.
Almost all contestanst will receive an adjustment and this is not suggesting you are a cheat however the adjustment is required to keep the game as fair as is possible.
I hope all are able to work under the new criteria
Good Luck with Monday's trading
Trading Matters
www.tradingmatterschallenge.com.au
www.tradingmatterschallenge.com.au
www.tradingmatterschallenge.com.au
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