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what should be the best dimensions to make phone version of an existing website?

Please bare this in mind, I am not a coder... but as far as I am aware there is no set width for what your asking, you have to do a responsive design css style sheet for your existing site , this will resize your existing site according what ever device is viewing it, tablet, mobile phone etc. I also think /believe this would require HTML5 AND CSS3 CODING. My be a coder will be advise you more on this. It's possible you will require 3 to 4 different style sheets to make your site fluid and responsive.