Hi Han,
Over the years, I've done several trades. I have done both types of trades - initiated them by advertising for a trade and answering other advertisements for trades. Most trades were within the United States, but did do a couple with other countries.
I traded a Sharp PC-3000 pocket computer for a HP-16C. I then traded the HP-15C for a HP-15C. Once I traded a HP-45 for a HP-25. The gentleman accidently damaged the HP-25 when he tried to clean it. He sent it and offered to take it back. About two days after I received it, he proceeded to send me another HP-25 in mint condition with a note telling me to return which ever one I didn't want.
Several suggestions on increasing your odds of a good trade:
1. Exchange phone numbers and talk on the phone. You can learn a lot about the person during the conversation. If he refuses to give you his phone number, then I would pass on the trade.
2. Do a search on the internet. Has he posted to the HPMuseum formum or to other forums? Read the posts and try to get a feel for him. Has he done other similar transactions? How do others (on the forums) relate to him?
3. Try to verify his address before mailing.
As to who mails first - I've alwayed mailed at same time as the other person. Only once did I get concerned. He received my item, but it was several more weeks before I received his item. I had used airmail and he had used ground.
One last thing - Any transaction can go bad, whether over the internet or in person. But the majority, with a little caution, go fine.
Bill