Depends on the size of the fish, how picky or spooky the fish are in you area, and how much current you are dealing with.
Nightcrawlers of course, are a mainstay in all the fishing I do, especially growing up, where I have caught litterally everything in my area on them. However, sometimes they are just too bulky of a bait, especially if current is a bit lower, the fish are a bit spooky, or if you're dealing with a lot of "stocky" sized fish which sometimes have trouble getting a whole worm down. In cases like this you can either use a partial bait, or worm choice #2.
In such said instances, I'll swith to either a redworm or angleworm, depending on local availability. Back in Iowa angleworms are all over the place, where here in NC redworms are more prevalant. Matched with light gear and a small hook, they can be deadly on finicky fish or fishing in a bit slower current with a more "natural" sink rate.
Fishing either way can be effective, nightcralwers I like to either thread through the head or hooked once through the "collar". Redworms I'll either just hook once through the nose, or once through the tail. Hooking through the tail can be especially effective in slow current. Either way, keep weights to as minimal as possible, and allow baits to drift from in front of the fish, or in the case of lake fishing, place all baits in the path of the fish.
Hope that this helps out.:wink: