Jake,

right you are... the stabilizer goes around the hull in front of the beam. That is as far outboard as I can get it. I tied a stainless ring into the line right at the beam and them tied a caribeaner on the end. I loop the line around the hull and attach it back to itself and then clip the trap into the beaner. The mast will sway about 2 feet, thats it. Too easy!