A Tracing Board in a Masonic Lodge should be placed in the center of the Lodge. This central placement is agreed upon by all authorities and serves as a focal point for the Lodge's activities and teachings. It is not recommended to face the entrance or any specific direction like the West. The Tracing Board is a visual representation of the Lodge's layout and the symbols and teachings associated with the degree being worked, allowing all members to easily view and engage with its contents during rituals and lectures.