Setting up a fly reel is not difficult, but you may run into problems if you don’t do it correctly. Here’s a great, three-part series of videos from Fly Fishing & Dreams that walks you through the process. The first video shows you how to connect the backing to the reel, the second is about how to connect the fly line to the backing, and the third completes the process by connecting the leader to the fly line. All that’s left for you to do is string up a rod and then tie on a fly.
You’ll note that in the second video, the presenter explains that he doesn’t like a welded loop at the rear end of his line. While there are plenty of anglers who feel this way, I have never had a problem with one of these loops, not to mention the fact that most trout anglers never see the back end of their line anyway. The choice of whether to use the welded loop or not is up to you. The bonus here is that you get a lesson in tying the nail knot.