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The rubber band is to make a stop for the float. Learn to tie a sliding stop knot (I use powergum but you can use mono in a pinch, the elastic beading cord you can get off ebay is also very good - item no 360733082839)....

How To Tie A Stop Knot - YouTube

you can then vary the depth you are fishing at

(ps don't trim the tag ends too short as the can catch on the eyes when casting)
 

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You can also get tiny little beads ( awesome ) for pennys, no need to tie anything with them, just slide them up the line and they do the same job as a slip not but a lot easier. happy days ;)
 
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