Before the wiki comes out with any datamining or percentages, this was here first! Thanks for taking the time to come by and read.

(Not all of these terms are official, these are all terms I have come up with)
For new players or for those who need a quick refresher: we have our fishing rod, lure, and bait. The big reeling bar at the top that you see when you are reeling in a fish is (what i like to call) your durability bar. When you are fishing, pay attention to the bar as much as you can. If it goes over, the fish you are trying to catch breaks free, and the bait you used is wasted.

There are 5 different categories I put the fish in, based off of their size:
Tiny
Small
Medium
Large
Extra large

Since we can't decide our fishing rod or what bait we put on our lure, we choose our lure instead. If you're just starting off, you should only have the basic red lure. All lures come with stats, either positive or negative.
Note: I don't have all 24 lures yet, just 14. I know some of these seem obvious but here are some of the common traits that I have seen on them.
Durability: As far as I know, the durability stat affects the maximum of the bar up at the top of your screen.
Resistance: This stat affects the amount of resistance you can put up against the fish while it tries to pull away from you.
Strength: This is how hard you reel in the fish.
Floating: How light your lure is in the water.
Weight: How heavy your lure is in the water.
Size: The size of your lure, affects the types of fish you can catch.
Allure: Increases/decreases your detection range on your lure
Rarity: The most important stat! This affects the rarity of the fish you catch. The rarer the fish, the more cash you make!

1: If you're not confident enough in your skills, try to go for fish that are closer to you. That way you can be more aggressive when you real in.
2: If you want to make more money, prioritize rarity on your lures more than anything else.
3: Having a hard time keeping a fish on your line? Try turning down the game speed or getting a lure with more durability or resistance.
4: Treasure chests can be any size of fish, so there is no need for only going out for bigger fish if you want chests.
5: Treasure chests and legendary fish tug a lot harder on the line and fight more often, so if you got a fighter on your hands, it's probably something good!
6: There is an upgrade you can get after catching 20 different types of fish where you can buy bait for 5 soul coins.
7: Legendary fish total out around 100+ coins each, and they do come in different sizes (one in each size I think). The few I have seen have been in the medium and large category.