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This is a good video for monobolo. The one like yours is explained at 2:56 in the video. I have one just like yours and I don't need to turn in circles to use it. It's balanced and should work for you just like a diabolo would. They are great fun.
I had watched that video, and some others. When she starts it spinning, there are no loops around the spindle. But, shortly after it starts, she appears to whip the string around the spindle before she starts the up and down swing of the monobolo. There would have to be a loop or it would fly off on the upward arc.
So, I have a couple questions, if you were to start this one with a wrap already around it how would that look? I will post a couple of photos of options in a bit.
Also, Do you use that slippery nylon string that comes with it? Guess I'm so used to the cotton for spin tops.
And, how do you keep that darn slippery Houdini string tied to the sticks?! It keeps coming untied. I put a little tape around it, but it was cellophane tape and only lasts so long, then it flies apart.