G'day Storz, I would highly recommend you having a look at Rick's book or DVD they will fill in all the details for you, basically the traveller is out most of the way downwind, in all the way up wind, the amount it is out on a reach depends on your angle, the proper place is determined by the direction your heading in and the air flow over your sail. You should trim the top tell tails of your sail by your main sheet and the bottom ones with your traveller.
regards