There is two different sides of advice you might hear when selecting a fly reel. "It not that important it only holds line" or "get a good quality construction with a good drag". Just like life a certain situation determines you need for this or that. If your trout fishing for 8 inch brook trout then sure get a cheap $20 reel it will just hold line. However battling a bull redfish or if your planning on needing some stopping power or line management you better pony up and buy a good quality reel with a great drag system.
So lets it break down
Construction:
Composite: Fly reels using plastic composite construction have become more common these days due to the economical advantage of the price tag. On the other side you have to remember you get what you pay for, as a heavily used composite model will not hold up in the long run like a metal model. Also you will find some mid grade drag systems in a composite but it stops there. If you not sure how much your going to fish or you don't have deep pockets a composite construction is a good place to start.
Metal/ Die Cast: These reels are cut out of a solid block of metal whether it be aluminum, titanium, or some other kind. These reels usually play host to high quality internals, cool colors, and heavier price tags. Don't think that just because its a metal reel it is high quality remember there is always someone looking to fool you, and it's better to stick to better known brand names.
Retrieval Types :
Traditional/ Mid Arbor:
Arbor is defined by what the fly line wraps around on the reel.
These are your traditional average sized fly reels they retrieve at a slower rate, and feature a decent line capacity. Most commonly found in small line weight reels due to there small line diameter and capacity needs.
Orvis Mid Arbor
Large Arbor:
Stylish and usually found on larger weights due to need of line capacity and faster retrieve. Growing in popularity due to the increase of saltwater fishing and a younger generation of anglers who appreciate the look.
Orvis Large Arbor
Automatic:
Uses a spring loaded retrieval to "reel", these are alright if you are bream fishing other wise put it on a self and call it an antique. The automatic has gone by the way side just as the wooden creel and floppy hat.
Drag systems:
Click and paw:
Most common a spring tension triangle piece and a gear determine the drag of a reel. These have been around a while and they work, just not on big fish. You will fins that reels that feature this are cheaper and even some higher weight reels still feature them. This drag will not hold up to fast or multiple runs by a fish for very long.
Cortland Retro Ross Fly Start
Disc Drag:
The Disc drag is designed to apply pressure between the spool and reel housing thus resulting in a good distribution of tension among the entire reel. There are many different kinds of disc construction some using the newest plastic and other still using cork. However a disk drag provides what you need for big fish management.
Your Part: Is to do your homework, read reviews talk to tackle shops, your friends, guides, and on forums. Select a reel based upon what your fishing for, how often your fishing for it, and how much money your willing to spend.
J.Jones
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