What To Look For
In a word--balance. Your line, rod and reel must be balanced for the equipment to work properly. Fly-fishing lines are classified by weight and designated by numbers ranging from 1 weight (ultralight for stream trout) to 15 weight (ultraheavy for saltwater game fish). Fly rods are designed to cast a single weight (sometimes two) of fly line. The fly reel must be sized according to the line weight that is used. Often, any one reel can be used for a small range of fly lines, but determine what that range is (check the manufacturer's specifications) --and purchase accordingly. There are three types of fly reels: single-action, multiplying and automatic and they are equipped with one of two drag systems: ratchet (click and pawl) or disc. Construction of the reel determines its weight, quality, durability and price. Typical materials used to make fly reels are magnesium, titanium, metal alloy, carbon fiber or plastic. Good, serviceable reels are available in each.
Common Pitfalls
One size does not fit all. Different types of fish require different weights of line and probably will necessitate different reels and rods. An outfit designed around a 6 weight or 7 weight outfit is probably best as an all-round fly fishing system for most parts of the country. Experienced fly anglers rarely use an automatic fly reel. An automatic reel winds a spring mechanism as line is stripped off before the cast. The line is retrieved by tripping a lever that flings the line back into the reel--much like the way a tape measure works. Multiplying reels are best for big game fish, which are fought from the reel rather than stripped in by hand. Buy the best reel you can afford, but if money is tight put it into the fly rod and get a less expensive reel.
Where To Buy
Most larger cities, and towns near fly-fishing hot spots, have a fly shop with a great selection of gear and expert advice. Patronize the specialty shops. Large outfitters, like Cabela's and Bass Pro Shops, may more gear in stock, but they won't necessarily have better prices. "Big box" stores usually have less expensive fly reels if money is a prime consideration.
Cost
Fly-fishing reels by Abel, Orvis, Hardy, Bauer and Lamson can cost more than $1,000. They are the jewels, masterpieces of engineering and construction. For the rest of us, Martin, Pflueger, Okuma, Teton, Sage and Ross all make great reels that will last for years and many are manufactured in the United States.
Accessories
When you buy a reel, it's a good idea to purchase an extra spool at the same time. This lets you have a different type of line ready at all times.
Insider Tips
All the holes you see on the front face of the fly reel are there to save weight but, more importantly, they allow for better air circulation so the fly line and its backing can dry quickly.