Depends on how desperate you are for a job.
If you're desperate, don't put any salary expectations in the cover letter.
If you already have a job, and you're just looking for a better paying one, go ahead.
Remember though... money isn't everything. I've had jobs that paid great but I hated the job. In the long run, its better to take less if you have to, if you get a job that you really enjoy.
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