We recommend using the Rolling Trace Listener that has been defined, and this will be picked up in the default configuration. The section below details how to change the output filename and there are a number of other attributes that can be modified; for example the maximum size of the file before creating a new one (rollSizeKB).
Included in the tracesettings.config file is the XML Trace Listener, this outputs the tracing in a xml style format that can be viewed using the Microsoft Service Trace Viewer Tool. The tool allows multiple files to be viewed and has custom filtering options.
The format for the rolling trace listener can be modified by changing the formatter template, there are various properties that can be used and moved around as required.