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I'm no expert... But, (I use Beaver Dam Tip-ups) I watch the "t top" spin, if it's going pretty good, I slowly give it extra line, and then pull the tip-up out of the hole. You need a little extra line so you don't "bump" the fish. I'll try then to take up a little slack, and hopefully feel the tug on the other end of the line. If I do, I give it a yank. If not, I may jig the line up and down a little to see if that seals the deal. It's basically the same drill for the x-style tip-ups.
Great advice from the previous posters. I'll reiterate some of their comments and add a couple of my own to theirs:When I see a flag, I get to the hole as quickly as I can but I slow down and walk gingerly the last 10-15 feet. I think that sprinting to the hole and hammering the ice immediately above the fish can sometimes scare them and cause them to spit the bait. I use treble hooks in varying sizes - single hooks for smaller bait and quick strikes for big baits (over 4"). When I get to the hole, I'll gently lift the tip up from the water and will carefully pay out some line so that I have slack in it. I'll then pinch the line with my fingers and wait for it to tigten as the fish runs. As soon as I feel tension on the line, I set the hook with a quick snap of the wrist if I am using a single hook. If I am fishing larger baits on a quick strike rig, I will set the hook with a long sweep of my arm to really jam the hook in the fish's mouth.One quick follow up tip - many times you'll find that when you get to the hole, the line is still and the reel isn't moving at all. DO NOT ATTEMPT TO SET THE HOOK. Gently unwind the line from the reel so there's a couple of feet of slack and just wait. Many times a less aggressive fish will hit the bait spit it out, hit it again and spit it out a few times before it finally takes it. Other times, the fish will hit the bait hard to kill it, run a few feet and then spit it out to turn the bait around to swallow it head first. If you try to set the hook in either instance, you will miss the fish. Instead, wait for the fish to fully take the bait and run. Sometimes this can take 30 seconds to 1 minute. Just be patient. Last year, my son and I were fishing for brook trout in Maine. He miseed three or four flags becuase he tried to set the hook as soon as he got to the hole even thought the line wasn't moving. I took the next flag and waited about 30 seconds to see the line moving before I set the hook and landed the fish. I explained what I did and he looked up at me and said, "OOOOOOHHH..." From that point on, we didn't miss any more fish.Last point, if you are using circle hooks, I believe the correct method is to simply pinch the line in your fingers and wait for the line to tighten as the fish runs. The hook will set itself. If you try to set the hook by pulling on the line, you'll pull it out of the fish's mouth before it sets. I hope this helps. Tight lines!
I was always taught, going back about 25 years, to let them run, pause, run a little then set the the hook. Has always worked for me and the hook is in the corner of the mouth. I use one size 2 treble and 6”-12” steel leader.The first run they usually don’t have the bait positioned correctly in their mouth, that’s why they pause, when they run again they usually have the bait positioned correctly then I set the hook. I don’t use quick strike rigs but I imagine they eliminate the “mouth positioning” aspect of the bait, hence the second hook.However, after the advent of YouTube and watching hundreds of guys fish tipups, I’m not too convinced that there is necessarily a wrong way. Which is also prevalent in this thread. Depends on the rig I guess.