Just Dub It

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Standard tarpon fly with a dubbed collar of racoon hair.
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Step 1: Tie in a loop with the thread at the desired location on the hook shank.
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Step 2: When the thread loop is tied to the shank, hang the dubbing tool from the bottom of it so the two legs of thread are separated.
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Step 3: Carefully load your fibers of choice into the loop. Once you have all of the material inside the loop, begin twisting the tool to interlock the fibers into the thread.
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Step 4: When the loop is twisted tight, the fibers take on a whole new appearance and can be wrapped around the shank just as you would palmer a hackle. After each wrap, make sure to pull the fibers back. Doing so gives the fly an attractive appearance and also prevents overwrapping.