I tie my ridgelines to the larkshead (where the suspension rope wraps below your whipping on the hammock).
I typically start with a bowline at the foot end, make the ridgeline too long and use a trucker's hitch or a blake's hitch to make it adjustable. (knots can be found here:
http://www.animatedknots.com/indexclimbing.php)
I'd start with about 2' of sag from the ridgeline to the lowest point of the hammock and make it SHORTER from there. Most people use light amsteel (zing-it, lash-it, etc., but I've used paracord, and polyester cord with 300lb breaking strength)
The rule somebody told me here is: Make it as short as seems right, then shorten it a lot more! A lot of ridgeline length is dependant on your hammock length. My first hammock was 9', and I had about 2' of sag from the ridgeline. My current hammock is 11' and has about 3' of sag. The bottom line is find what's comfortable for you. It'll take some tweaking...
Since the most comfortable lay is on the diagonal, the shorter the ridgeline, the less length you end up with... On my 9' hammock, when I got the ridgeline short enough to be supremely comfortable, my feet would hang over the edge. I don't have that issue on my 11' hammock...
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