After reading about the wind and where to fish in this weeks free carp mag in the AT, i was wondering.

If you know that certain pegs on a lake hold fish, but these pegs are on the opposite bank to the one facing South Westerlies, would you go with the wind or preferred peg?

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On some waters the Carp follow the wind in text book fashion on others they dont! Local experience is your only answer here Chris.

Or in true Carper fashion, follow the wind and fish into the south westerly, but bang out your 3rd rod to the opposite bank and occupy the known swim at the same time

I fished a match and was told "that's the best peg" The wind was in my face and I won the match. I fished a match where the wind was blowing to the opposite bank and everyone who picked pegs on that side were greeted with "luck b*gger" or something similar. I won the match by miles. I now no longer believe that you must have the wind in your face. When I pleasure fish, I pick the most comfortable peg for me.
I still catch fish!

as budgie says, depends on the water. on a water unknown to you though a new wind is often worth following but only for a few days. seems to work better with SW winds which often accompany falling pressure and rainy weather.

Erik hit the nail on the head... south-west winds, ie warm and wet, are best. The stronger the better - if wave action is making water that's normally clear coloured, you'll be in. Forget favourite swims, fish don't grow big by staying in the same spot... they follow the food source. Staying put is an excuse a lot of over-laden anglers use because they can't be bothered to move.
Do whatever you enjoy. If a comfortable swim with the wind behind you is what you like, that's your choice. But if you don't mind a bit of discomfort, fishing into the teeth of a warm wind will reward you for every stillwater species I can think of.