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Summary: An ice fishing pole should be a nice ultralight fishing rod, and a single split shot should be placed about a foot and a half from the hook. Use meal worms and night crawlers in ice fishing with help from a commercial fisherman in this free video on fishing equipment.
"Alright, setting up an ice fishing rod. Now here I got a nice little ultralight ice fishing rod, I got the line, thread it through the guides and the next thing you're going to want to do is take your hook, anytime you're working with hooks you definitely want to be really careful. Thread it through, I'm going to show you a quick little knot. What you want to do is twist it around the line 5 times then take your excess, put it through the hole in the bottom and then through the hole you make the second time. And grab your hook and you'll watch this knot just slide right down. Now for ice fishing, typically I like to use just one single split shot placed about a foot and a half above the hook just like that. Now on the hook, shiner, meal worm, night crawler are all going to produce great results through the ice."
eHow Article: How to Set Up an Ice Fishing Pole