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The Legend of Zelda: The Wind Waker Walkthrough 10.3 Trading Sequence

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"Now that we have the Ballad of Gales, we can more conveniently complete the Trading Sequence. Technically, you could have completed the Trading Sequence prior to the Tower of the Gods, but it would have involved a lot of tedious sailing.

"Throughout the Trading Sequence, Link will need to seek out the three Goron Merchants located throughout the Great Sea. One of the merchants is located at Bomb Island, just north of the Forest Haven. Another Goron merchant can be found near Greatfish Isle on a small raft. The third Goron Merchant can be found at Mother and Child Isles on the smaller island, two square regions west of Windfall Island.

There are two major rewards that Link can collect through the Trading Sequence. They included Piece of Heart #35, as well as the Magic Armor.

"After Link has done the proper trading to acquire the Piece of Heart, enough items will be stocked at Zunari's shop to where Link can acquire the Magic Armor. The Magic Armor will protect Link from taking damage when it is activated, while draining his magic power.