I definitely missed more strikes when fishing flies with the hook point up. I had to learn more patience and let the trout take the fly and turn rather than setting quickly. On the other hand, I seemed to get a lot of strikes. I'm sure other factors influenced that as well. This is based on limited experience with flies tied hook point up. Also, mine were tied with hackle around the bend of the hook, I don't know if that is standard practice or not.

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Fish more, work less!