Originally posted by magilla666:

I think there are more than 6 potential locations, but I'm not sure exactly how many. Also, to jint_steam, you don't need to be running around through every inch of Black Forest territory. The popup is pretty long range. In my experience (8-10 full playthroughs plus several that were aborted) the merchant's bag will pop up just from sailing along the shorelines. Good luck!

Yeah, it looks like there are 10 possible Trader spots. I guess my wife is right and I'm always thinking about six.