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Squid may not be quite as good as peeler crab or lug,but it is a good winter bait,and has a good few advantages that include price, easiness to store, and you can thaw,freeze,thaw,freeze it several times without affecting,and maybe even enhancing it's usefullness. After it's been frozen,thawed and frozen again a couple of times it takes a pink tinge and my personal feeling is that is when it's at it's best.
It can be bought in most large supermarkets, in Chinese supermarkets, and bought online. It generally ranges from around 1 to 2 per pound so it's worth shopping around. If you are lucky enough to know anyone working on the local trawlers,the fleet usually catch them in late autumn to early winter and you may be lucky enough to get some for free. As I've mentioned it's very easy to freeze so is a good bait to have ready in winter.
Size-wise they range from a couple of inches,known as party squid from online bait sellers,to a couple of feet from the local boats. The party squid can be used several at a time,and the big ones can be cut up to use as strips or for small sections to use for tipping soft baits like worms. My own ideal size is from 4 inches to 6 inches,but all sizes are useful bait.
It can be used on it's own,or used as a base for many cocktails with lug,mussel,mackerel, or whatever you have in your bait box. I don't use it in summer,but use plenty of it in winter when I want to use bigger baits for bigger fish. For this example on baiting it up,I am using a two hook pennel rig.

Firstly you need your squid.This one is about 5 inches long.


And we are going to mount it on a two hook pennel rig. These hooks are size 4/0 Sakuma.


Firstly just insert the bottom hook through the top of the squid.


Pull it right through.


Then hook it through again further down the squid.


Then I turn the hook and pass it back through the head.


Now slide the top hook down to an inch or so above the squid.


And wind the line several times around the shank of the top hook which will draw it down to the top of the suid.


Then turn the hook and pass the point through the top end of the squid.


Your squid is now mounted on two hooks and for a short lob is ready to cast.If you're giving it a heavier cast,just wrap in around with bait elastic to keep it secure under casting.