Nymph/Wet Fly Dubbing!
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As I said about dry fly dubbing, new tyers get confused about dubbing as it seems there are just endless choices on the market. And, in fact, the choices actually ARE endless! But that doesn't mean it has to be confusing.
And remember that 'dubbing' is simply the material applied to the tying thread that when wrapped over the hook, makes the 'body' of a fly. To be 'dubbed' simply means to apply in a twisting motion to the thread. Any material that can be applied to the thread and then wrapped as a fly body can be considered to be 'dubbing.'
So then, what is dry wet fly or nymph dubbing? It's the material used for the dubbing on a fly that you want to sink and fish beneath the water's surface. For this purpose, a material that absorbs water, rather than repels it, is a good choice.
If you want a 100% natural material for this purpose, then dubbing from a hare (oftentimes just from the mask) is an excellent choice. It'll absorb water and the fly will naturally sink.
But remember, there are also other ways to make a fly sink. You can apply lead or some other weight to the construction of the body, you can put on a brass or tungsten bead, you can add a 'sinkant' gel, use a heavy hook or a combination of these. In this case, any dubbing you choose to use will be nymph/wet dubbing as long as it helps you construct a fly of your liking (and of course it has to sink).
My favorite is our "Emergence" dubbing by Nature's Spirit. It's a blend of natural and synthetics that give it a lifelike appearance and just the right amount of flashy highlights. If you start out with some of the natural colors of the bugs you intend to tie, that'll be a good start.