I do the same thing hootchiebob, as soon as i see the rod move, grab it and reel in very tight with the rod in the water, then it depends on what happens. if it pops off, i'll set it , if it doesn't pop off right away, i'll pop it off then set it right away. some people like to let the downrigger set the hooks for them, and maybe it works well, but i've almost never lost a fish while setting the hook so i figure it can't hurt. also, i bury the line in the clip. right to the back, that way you can reel in all the slack without having it pop out on you, and it gives the hook a sort of temporary set until you can get it and give it a good one.