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I'd have to say there are more bad roleplayers going around in E-Feds than there are good ones, so here's the definite guide to good roleplaying.

Entrance
Roleplaying is not all about speaking! Watch the WWF etc, entrances are a big deal. Triple H's one is a segment of its own at times. A good entrance can set the mood for a roleplay, talk about fans reactions when the music first hits, how the Superstar comes down to the ring, what the atmopshere is like etc. However, don't over do it on the entrance, its not terribly important so don't get carried away trying to make length.

Commentary
Commentary is a good thing to add to a roleplay aswell. Just like in WWF, the announcers talk in between the interviews adding their thoughts and summerising what is happening, so why shouldn't you. Try writing out the rp, then going back and adding a few lines of commentary between each paragraph, but don't make it repetitive, and only have them say realistic things. Also try not to take advantage of the fact commentators can be used freely in roleplays, nobodies impressed with you kicking the crap outta someone that you control, its just a pointless excersise.

Crowd
If it wasn't for the crowd the interviews etc wouldn't be done! Add their reactinos, especially to big statements, and have them chant phrases and such that are common to the Superstar you use. Hell, have them say "what" every five seconds!

Speaking
This is mainly what its all about, the main rule is don't be repetitive. What is the use in saying your gonna kick their ass more than 7 times? Try and be creative as possible, try and write and interview or promo that your particular Superstar could do in the future in reallife. Don't have endles lines of talkng, break them up with crowd reactions, description and commentator talk in between so its not too boring to read. Try not to copy what has been done before, infamously the Rock forgetting his lines interview which has been downloaded by everyone on the net. Make sure you have them speaking the same style as your Superstar, make them say things that the Superstar would say on TV, don't nick other people's lines because your jealous. But catch phrases are always the best way to go, fit in the one killer line once a roleplay to finish it off or get something going. Works a treat.

Realism
Since when did wrestlers swear their heads off! Use language that is relative to how that Superstar really talks. It helps to watch their TV promos etc to get a feel for their vocabulary and actions. It's also important to not get carried away with the fact that you can't actually get hurt yourself E-Fedding and make ridiculous request to try and look tough, don't do it.

Bragging
Bragging is something every roleplayer does, but it is highly recommended you don't do it if you can't back it up. There's nothing worse than someone coming to a Fed for the first time, telling everyone how he is the best, slagging off the other (good) roleplayers, then getting beaten in his first matches before he quits. Nobody likes people who brag and boast all the time and it can lead to huge OOC battles so try and do it in small doses only.

Puncuation
Roleplaying is about qulity of writing and I think puncuatino is a very important part of it. Don't use abbreviations (like; u, b4 and l8r) and use paragraphs to split it up better. I'd stay away from making the whole roleplay in capitals because its just horrible to read. Spelling is really important too so its a good idea to just read your roleplay over before posting it to just correct anything, and improve your chances of winning.

Extras
Videos, pictures and layouts basically. Most roleplayers put an entrance video and a few pictures in there to spice it up a bit, but I wouldn't say they're essential, if your Fed truly is based on the quality of writing they're pointless, but they don't do any harm. Layouts aren't for everyone, if you want one to make your roleplays more visually appealing, make one, but if your in it for the writing, an "old skool" roleplayer, I say forget it.

Finishing
There are basically three ways of finishing a roleplay. A) Finish your talking and leave the ring, followed by the cameras fading to black etc, B) An interruption from someone else, or C) Finishing with the last line as your cathphrase. If you are in a fed that allows unpermitted attacking, never end it with C), always close the scene so theres no attackers lurking behind the curtain. I say on the whole try not to hurry the ending.

Format
Your most common format is different coloured text for different speakers etc, sometimes centred, average font. That is all you need, don't go to town with facny dressing your roleplay with fancy fonts, big text, scrolling text blah blah blah, just write the thing! Its common to write it in Notepad or Word, or for you lazy HTMLers you can write it in Dreamweaver or something and then add all the HTML to it automatically with the program.

Quality over quantity
Most Feds claim that they judge quantity over quality, but in most cases thats B.S. Unless you know the President really means it, 90% of the time the 3 parters are gonna beat the 2 parters. Best bet is to just do both! Write heaps of qulaity roleplaying, not everyone can, but thats how to do it to become a Champion E-Fedder!

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