Where can the watermark sit on the photo?

Five positions: bottom-left, bottom-right, top-left, top-right, or centre. Bottom-right is the classic default most photographers run — it's where the eye lands last, so it doesn't fight the subject. Centre is the aggressive option for heavily protecting previews (and it does obscure the image more, which is the trade-off). Try a couple of positions on a real photo rather than guessing; the settings make it a thirty-second experiment.