I've tried chap stick, but it's one of those things you have to keep applying to work if you're on a river constantly casting. Although it does cut down on the ice build up. I've been told Olive Oil does the trick, so I'll give that a go the next time out.
You can get a few different products made for this, but all they are really doing is trying to make the water bead off so it doesn't freeze up. The problem is as you pull tghe line through it rubs it off.
I've found they seem to work for the first bit, but in the end you always seem to have to dip the rod and give it a tap.
I've had very limited success using Loon's Stanley's Ice-off Paste. I fished the Missouri River in Montana one winter when it got down to around -18-20*C, and there was no winning against the battle with the ice buildup. I just resigned myself to manually breaking off the ice chunks every few minutes. Fishing was pretty good even though I could stand it only a few minutes at a time. ;D
Ed Ward's answer on that for me (when I described how I lost the only legitimate actually on my line steelhead I've had in 2 years of trying for steelhead) was to do as mentioned above. Dip the rod guides in and out, wiggle a little, and that should get rid of most of it. It is not usually ever cold enough here to warrant more than that.
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