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The loose ring waterford has been a popular bit over many years for those horses who like to take a hold of the bit. The 'knobbly' nature of the mouthpiece discourages them from grabbing it and therefore gives you a more polite horse. Always try out a new bit in the prescence of an experienced friend or trainer as you cannot always factor for how a horse will react.
**Ask your trainer's advice before changing your bit, they have the experience to suggest what might work best for you and your horse.