keepin chrome fresh

Bleed them immediately and get them on ice. It's a pain, but that's what you have to do if you want the fish to be as fresh as possible. I eat a lot of steelhead and if it is treated properly, it is really very good eating.

Like Cold says, wait until about the time you are going to leave and bleed it while it is still floppin...WF...And give it to someone else to eat

If you like salmon, but not steelhead, you're either letting them get nasty or not preparing them right. 
 
Or its a psychological thing. 

Somebody had to
 

I usually keep 2 or 3 a year for myself and 2 or 3 for other people who don't fish, usually no more than 1 a trip.  These Steelheads can be really good if processed and cooked right.
 
I always kill and bleed only a fresh looking fish right after being caught, leave right away and get them filleted and on ice within 1 hour of being caught no matter how good fishing is.  If I'm on a multiple day trip, usually won't even consider keeping 1 till the last day.  If I do keep one and it's not the day I'm going home, I take it to a bait shop to keep in their freezer for a day or two.   As soon as I get home I always either vacuum seal and freeze for the smoker, or prepare them within 24hrs of being caught and filleted.
 
Steelhead and Salmon have more fish oil in them than almost any other fish, which is why they get fishy or strong tasting quick.  The high fish oil content is also why they smoke so well though too.  I believe that using them within 24hrs of being caught makes a dramatic difference in taste, compared to keeping them on ice or in the fridge for 2 - 3 days before using.
 
If you process a fresh one immediately and prepare them as soon as possible, it's really good stuff no fishy smell or taste at all.  Over the last two years I have experimented with cooking and grilling them more than smoking and didn't even smoke any last year.  Here are two of my favorite ways to grill and cook them in a pan:
 
Grill them on a soaked cedar plank over charcoal using a liberal amount of your favorite dry rub before hand. 
 
In the pan; Look up a basic beer batter recipe and make it a little thick while using your favorite beer, squeeze some fresh citrus on the fish and after a few minutes dip in the beer batter and right into a pan with really hot olive oil.  A little tarter sauce with some kind of potatoes and a beer, your good to go.

I don't drag one around with me all day...I will keep one torwards the end of my day if I plan to take a fish home.  Cut the gills both sides immediately while the fish is still lively and let it bleed out into the stream.  This will pump most of the blood out from the meat.  You'll be surprised at how clean the meat comes out when you do this...Makes a huge difference.
 
If you plan on grilling or baking, do it within a few days and do not freeze it....If you smoke the fish, it really doesn't matter.  Good Luck!

Bleed the fish immediately after landing it. Put it on ice and head home. Take the fillets off, but leave the skin on. You can remove all of the bones while leaving the skin on. Preheat your grill to 350 degrees. Flavor with lemon pepper, sea salt & garlic, (both are McCormick grinding mills) and them brush Wishbone Italian dressing over the fillet. Place the fillet (skin down) on the grill. Close the lid. Cook until done. Do not flip. Keep the grill at a constant 350.
 
OR
 
Keep a small one, less than 24". Gut it and cut the head off (bleed it first) Wash as much slime as you can off of the skin. With a very sharp knife, make verticle slits (from the fish's back to belly) every 2 inches on both sides. Chop up some onion. I perfer Sweet Vidalia onions. Place them in the abdominal cavity. You don't need to fill it up, just put in appx 1/4 cup. Add 2-3 tabs of butter to the onions. Place the fish on a large sheet of aluminum foil. Apply your favorite seasonings to both sides of the fish. Be sure to rub it into the slits that you made. Seal the fish in the aluminum so as to make an envelope. Place the fish on a preheated grill (350) and cook until done. It will take a while. I'd say 30-45 min. If in doubt, use a meat thermometer.

slab, on the second method you forgot to add, "throw away the fish, eat the foil." 
 
In all seriousness, I appreciate the info offered here.  I tried steelhead once about 10 years ago and hated it.  But then again, I left in on a stringer for a few hours and didn't bleed it immediately.  Might just try it again this year. 

So what yer all saying is that steelhead is good as long as you kill the flavor of it?

The only thing i do different is when i get home i soak it in buttermilk over night it takes the fishy taste out. Then egg and bread crumbs and deep fry them they are good that way