And when the bobber lands in water...watch it...it'll suddenly hop up and splash. Just right-click on the bobber and it'll show the fish/item you caught, or say that "the fish got away." (Make sure you start fishing at the EASIEST places, like inside the 3 major cities. Queue up for a Battleground and just fish while waiting.)
If you're trying to fish at a School Of Fish or Floating Wreckage...the bobber must land ON/IN the circle. (You'll know what I mean when you find one of these)