If you are uncertain about what to put in the stopwords list, do this:
1. Try to obtain a list of the most common icelandic words (google is your friend here).
2. Go through the first 100 words or so and pick out words that don't help searching. Stopwords are words that help us humans communicate but doesn't nessecarily "mean" anything. The english word "the" is a classic example. You shouldn't include words that are shorter than three characters long. They are ignored by the search engine anyway.
3. Add the following words to the end of the list (in english):
the
and
you
that
was
for
are
with
his
they
have
this
Perhaps you know all this already, but I just felt like giving you a heads up :)
Edit: I thought of something else. If you already have a forum with posts in icelanding, you can run an SQL query to determine what the most common words in your forum are. There query looks like this:
SELECT sw.word, COUNT(sm.post_id) AS hits FROM search_words AS sw INNER JOIN search_matches AS sm ON sw.id = sm.word_id GROUP BY sw.id ORDER BY hits DESC LIMIT 50
The query will display the 50 most common words currently in the search index.
If you use a table prefix, you have to include it in the table names search_words and search_matches.
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