Use a 2x4 to tie the trap off on the ice. I personally float my traps in the open water, so I suspend them using the 2x4 on the ice.
I tie it off so its 2-4 feet down and I bait it with white bread (none of that wheat crap) or my secret bait, pecan swirls (no joke). I ball up the bait into a couple tight balls or else it fans out and the bait just eat the scraps outside the trap. I've just sat there and watched them do that countless times.
Then you just let it soak. If you've got a good spot then less is more - pull your trap every 4 or 5 hours because I've found they DO get out. If you've got a spot where you have to work for them, pull it once a day or everyday 8 or 10 hours.
This picture is after a half hour. (If you look close you see theres wheat in there. I store my gear at my parents house and forgot my bread. My mother only had wheat or else there would be double the amount in there. Quadruple if there was pecan swirls;))