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As of this year I dont use tip ups but do know how to use circle hooks. The technique is not to set the hook but to have the fish set it. The idea behind circle hooks is to increase hook ups on the side of the fishes mouth inorder to decrease death rate. When I fish with circle hooks in the summer I let the fish take the bait, close the bail and slowly lift the rod. Remember all you have to do is slowly apply pressure and not to yank. Also trout will hit a bait hold on to it and then flip the bait around taking it tail first. So I feel its good to get the hook in on the second run as bridgedoctor does.
If you started missing fish that are larger in size try upping the size of your hooks. The gap may be too small to hook in their jaw properly.