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I have set up Magento as per my screenshot here http://snag.gy/XQqER.jpg with multiple websites.
My question is how do access the trade website on the frontend? I presumed it would be http://www.example.com/trade but that brings up a 404
Try with http://www.domain.com/?___store=trade.
If you set your magento instance to use store codes in urls then you should be able to access it like htto://www.domain.com/trade.
Required, but never shown