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Never set the hook on slack line. You want the fish facing away from you. If the fish has stopped, I feel for the fish, and as soon as it turns to swim away I hit it. If the fish is facing you, or under you, you will miss them more times than not.
Depends on what type of rig I'm using. If it's a quick strike I set it right away but if I'm using one single or treble hook I wait for the second run. If I have my tipups spread way out, I'll usually set the hook right away. I figure the time it takes me to walk all the way to it gives him time to turn it if he's going to. (My days of running to flags are over)No matter which method you use, you're going to second guess yourself after every missed fish. Either "I should have waited longer" or "I shouldn't have waited so long".
I get on them as fast as i can, it the spool is turning i give it some slack wait for a little tauntness and set the hook, it its stopped when i approach the trap i look to see if the line is going away from the hole, and again give it some slack and set the hook.. Guys that ive fished with that wait out the fish seem to spend alot of time putting new hooks on and losing fish.. If its moving, its in their mouth, so set the hook.. No different when your're using a rod, bend in the rod, set the hook, fish running on a tip up, set the hook..JMHO