The trading sequence in The Wind Waker is quite long, and the payoff is a Heart Piece and some Magic Armour (which uses your magic to render you invincible). The game is so easy that you don't really need either of these items, but completionists will find this guide handy.

Step 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11
 

Step 1   Town Flower After you've gotten all of the Pearls, go to Windfall Island during the day and talk to Zunari in his stall shop. He's trying to start some trade connections, and asks you to help. Agree and you get a Town Flower. [Back to top] Step 2   Town Flower for Sea Flower After you've gotten the Town Flower, go to either the Greatfish, Bomb, or Mother and Child Islands. At this stage, it is quickest to go to Greatfish Island. Talk to the Goron Merchant on the raft, then give him the Town Flower. He'll exchange it for a Sea Flower and charge you some rupees for the trade. [Back to top] Step 3   Sea Flower for Exotic Flower After you've gotten the Sea Flower, go to the Mother and Child Islands. Talk to the Goron Merchant on the Child island, then give him the Sea Flower. He'll exchange it for an Exotic Flower and charge you some rupees. [Back to top] Step 4   Exotic Flower for Pinwheel Go to Bomb Island, and talk to the Goron Merchant on the island, then give him the Exotic Flower. He'll exchange it for a Pinwheel and charge you some rupees. [Back to top] Step 5   Pinwheel for Sickle Moon Flag Go back to Greatfish Island, and give the resident Goron Merchant the Pinwheel. He'll exchange it for a Sickle Moon Flag and charge you some rupees. [Back to top] Step 6   Sickle Moon Flag for Fountain Idol Go back to Mother and Child Islands, and give the resident Goron Merchant the Sickle Moon Flag. He'll exchange it for a Fountain Idol and charge you some rupees. [Back to top] Step 7   Fountain Idol for Big Sale Flag Go back to Bomb Island, and give the resident Goron Merchant the Fountain Idol. He'll exchange it for a Big Sale Flag and charge you some rupees. [Back to top] Step 8   Big Sale Flag for Hero's Flag Go back to Greatfish Island, and give the resident Goron Merchant the Big Sale Flag. He'll exchange it for a Hero's Flag and charge you some rupees. [Back to top] Step 9   Hero's Flag for Postman Statue Go back to Mother and Child Islands, and give the resident Goron Merchant the Hero's Flag. He'll exchange it for a Postman Statue and charge you some rupees. [Back to top] Step 10   Postman Statue for Shop Guru Statue Go back to Bomb Island, and give the resident Goron Merchant the Postman Statue. He'll exchange it for a Shop Guru Statue and charge you some rupees. [Back to top] Step 11   Shop Guru Statue for Heart Piece and Magic Armour Go back to Greatfish Island, and give the resident Goron Merchant the Shop Guru Statue. He's been searching long and hard for this statue, and so in return you get a Heart Piece! You've now completed the trading sequence. If you want to, you can buy any of the items from Zunari's shop at any time after you first receive them. Also, after you talk to each Merchant at least once, go back to Zunari and he'll give you the Magic Armour as a reward. [Back to top]