My wife and I just purchased some nice baitcast set-ups, but aren't too familiar with them. Any advice would be much appreciated.

Well tell us what you bought first.  Bait casters are great!  You will hate it until you get used to it.  Then there is no going back!  I would suggest starting off with the brakes pretty much locked down throwing larger lures such as spinner baits and easing the brakes and sizes off from there.  You will get the hang of it

http://www.bassresource.com/bass_fishing_forums/YaBB.pl?board=rods_reels_line

do your homework, look through youtube and the web for as much info as you can find.  I was in your position when I got my BC.  I taught myself, you will be very frustrated but dont give up.  It is very worth it.  I started off by casting lots of jigs and spinnerbaits and working my way to other lighter things.

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you tube, great idea. We both bought Quantums. Hers is the Artemis, mine is the Aura.  On the left side, there's a dial, with numbers, I'm assuming is the drag. On the right side, at the crank arm, there's a bigger dial  which seems to tighten or loosen the tention of the crank arm. Also on the right side is a smaller round dial which I am assuming is the brake. I'll definately do some homework. Thanks!

PS We ALWAYS bring our spinning set-ups because, yes, it does get frustrating peeling off 100 yards of line and reeling it all back on, just for it to happen again. Lol

The numbered dial is a magnetic brake which helps slow the spool to avoid over run at the end of the cast. The large star dial on the handle side is the star drag adjustment. The small cap on the handle side is spool tension adjustment.

Start by setting the mag brake at -0-. Tie on a 1/2 0z> weight or lure. Hold the rod at about 45* angle, disengage the clutch by pressing the thumbar and adjust the spool tension cap to where the bait falls slowly with a slight shake of the rod. Set the mag brake to the mid-point (5 if there are 10 clicks). Practice some easy casts. You can gradually loosen the spool tension as get more comfortable. You can search for threads about how to fix the inevitable backlashes you'll get while learning. Have fun. Good luck.

Mike

On the left side, there's a dial, with numbers, I'm assuming is the drag.

That is the magnetic brake.

On the right side, at the crank arm, there's a bigger dial which seems to tighten or loosen the tention of the crank arm.

That is the drag.

Also on the right side is a smaller round dial which I am assuming is the brake.

And that is the spool tension knob.

Here is some good advice on setting up a baitcaster:

http://www../education/baitcaster-setup-101.html

Good Luck.