Determining the right place for the slipshot comes from experience and knowledge of the area you're fishing and the prey. Aloha's right....you have to go fishing and make mistakes to get that experience.

You might put your slipshot a foot from your hook(s) if you want your bait on the bottom (say for catfish). You might want it three or four feet up from the hook to keep it near the bottom when you know the fish are feeding deep.

Go fishing! You'll eventually catch some then you'll get experience cleaning and cooking them! (Or, just do as the Bear does: sit around the campfire and and eat them raw) ((( smile )))
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DON'T BE SCARED
-Stretch