ActionScript 2.0 :: Preloading Dynamically Loaded Swf Files?

I am trying to preload dynamic swf files from an asset folder into a blank movie clip within my main swf file. Some of the files are 2+ mb and need to preload.

I am dynamically importing the swf files from an external asset folder into a blank movHolder movie clip on the stage of my main movie. I have this working fine. I am having a hard time knowing where to place the preload script (in the asset swf or in the movHolder clip), and whether or not my script is accurate for this procedure.

Inside of the movieHolder clip, I placed the preload script script on frame 1:

totalBytes = Math.round(getBytesTotal() / 1024);
loadedBytes = Math.round(getBytesLoaded() / 1024);
percentDone = Math.round ((loadedBytes / tatalBytes) * 100);
framesloaded >=100) {
gotoAndPlay("start");
}

On frame 15 I have a looping action that tells flash to gotoAndPlay(5); as it loads the asset to frame 100.

On frame 20 I have inserted the label "start".

Obviously my approach is flawed and does not control the dynamically loaded asset. I am assuming that the asset swf if loading on frame 1 and ignoring my code.