The Legend of Zelda: Ocarina of Time Tips

Sinking Lure in Fishing Game
Walk around the fishing pond until you reach a cluster of rocks by the edge of the water near the crack in the wall. Once rummaging about for awhile, Link steps on and discovers a sinking lure. At times, however, the lure can be located near the boulder at the crack in the wall located directly in back of the rocks. If you can't find one then exit and re-enter the game and try again.

This lure sinks in the water, making it easier to snag fish. However, make sure you talk to the fisherman before using it and get approval, otherwise any record catches will be classed as illegal and no prize will be given.