A simple solution to avert disaster when you drop a fly, a full fly box or a bunch of hooks at the tying bench. Simply take the magnet, unroll the line placing the loop on your middle finger. Dangle the magnet over the area and wave it back and forth over the area where the flies landed. Recover your flies and go back to fishing.
Also works on forceps and other tools lost that are attracted to a magnet.
For extended reach, form a “Loop to Loop” connection with the tip of your rod and use your rod to “fish” for your lost flies or equipment out of the stream. It’s especially useful in cold weather and keeps your hands dry.