Error in MM preloader tutorial

I am trying to complete the Preloader tutorial and am using Flash MX. The tutorial makes reference the following:

Choose Window > Panels > Clip Parameters.
9 In the custom Clip Parameters panel, enter 2 in the first text box.
10 In the second text box, replace the current text with Flash movie is loading.
11 Click the Apply button.

I do not have a “Clip Parameters” option nor do I have a Panels option in this version of Flash. Can anyone help me understand what they are saying here?

Tutorial is located at:

It’s a smart clip. There has to be a Clip Parameter window. If you made the preloader, then I think you made a mistake, if it is given to you, then the panel’s there.

pom :asian:

what version of flash are you using?

I’m using MX. I did get a preloader to work, but now I have a separate problem. The file is a 2.6mb video that I would like to start playing after say 50% is loaded. Is this possible in Flash MX, must I have the entire movie loaded in order to start playing it?