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Here's a chart for bait effectiveness:

"A" "D" "F"
round 1 A A A
round 2 A A A
round 3 A A D
round 4 A A D
round 5 A A D
round 6 A D F
round 7 A D F
etc...

So in other words, it doesn't make sense to fish the first two rounds with A bait when F bait is just as effective. However, as you fish more and more, bait becomes less and less effective. If you wanna keep hooking good fish frequently and keep from catching junk, you'll have to change which bait you use. The bait effectiveness resets 12 hours after your last fishing trip ends, so keep that in mind if you wanna keep costs down.