This is a bait bucket rod holder. It combines the convenience of a rod holder with the functionality of a bait bucket. The water and bait in the bucket functions as a weight to hold down the rod when a large fish hooks on , ensuring you don't lose your catch. This is a picture of the final product.
Here is a link to another design:http://www.instructables.com/id/How-to-make-a-rod-holder-bucket/
Step 1: Materials and Tools
1: 5 gallon paint bucket
2: 1 foot lengths of 1.25 inch PVC pipe, depending on your rod handle girth
4: 1.5 inch stainless steel bolts with 4 nuts to fit
4: rubber and metal washers to fit the bolts
1: drill / drill bit (same size as the bolts)
Step 2: Drilling the holes
Align the peices of PVC on either side of the bucket, and mark on the PVC where you want to place your bolts, the botom bolt 1.5 inches from the bottom of the PVC and the next bolt an inch above that. Then drill holes through the PVC and the bucket.
Step 3: Insert the bolts
Insert bolts through the PVC, then through the bucket.
Step 4: Place the washers
Place a rubber washer on the bolt on the inside, then the metal washer, then the nut on top of that. Tighten until you are satisfied.
Step 5: Finished!!
This is now your finished product
Side note: you could upgrade your bait bucket by aadding a lid to sit on, or one of these: http://www.instructables.com/id/Lets-Go-Fishing-Bucket-Cover/