The invention is an adjustable rod holder comprising a tubular holster mounted to an arm and a base, wherein the arm is secured to the base by a rotating joint that is secured in a first angular position by a locking member that moves radially with respect to an axle of the rotating joint. The rotating joint can be releasably secured at a plurality of indexed angular positions by the locking member fitting within a plurality of recesses spaced radially about an axle of the rotating joint. Preferably, the arm of the rod holder has a sufficient length to allow the rod holder to store the rod in a vertical position without interference from the gunnel or other mounting surface. In one embodiment, the rod holder has a pivoting stabilizer that engages the reel of a rod placed in the holder to secure and stabilize the system.