I find Velveeta works great for ice fishing, but I've never had much luck In the summer with it. Power bait>Velveeta in summer, Power bait<Velveeta in winter. No idea why.
In the past, we noticed that certain colors attract trout and whitefish for river fishing. Not sure why it works and why. Through trial and error, we determined one year it was bright red, then pink one year, then neon green the next (brought spools of cheap thread and just wrapped around the hook of a fly for about 1-2mm of color). 70-80% of all fish usually were caught using a specific color, so I don't think it was a coincidence all those years...
For man stocked lakes though... sigh, my secret... I've done huge hauls with cooked shrimp rings at Arbor Lake. They're like 3-4 bucks at superstore in the frozen seafood section. Cheaper is probably better as the shrimp is smaller. Haul wise, I'm talking pissing off people around us and having them call a warden/supervisor on us to check to see if we're doing something against regulation like barbed hooks etc. (They check us then leave because we're not) because we're literally pulling 11 of the 12 total fish caught from the dock in the hour or two we're there. I think the shrimp seems like a worm, but also has a scent the fish like. Use this tip wisely. I think we almost were banned for taking too many fish out and at one point, they specifically restricted the use of shrimp too.
I like using shrimp. It's sorta like a worm, but not as smelly. If trying to get girls to fish with you, they're more likely to put shrimp on a hook than worms.
You can snack on the shrimp before fishing too, and since it's frozen, it helps temporarily as an icepack. Warm blood worms smell disgusting. Hope the tip helps, happy fishing.
Oh, the speed you reel in affects it too. Reel slowly. If you reel too fast, it spooks the fish to see turbo food and they won't even nibble. But if luck isn't on your side, alternating faster and slower is alright too.