@Hunkulese: Yup, as @rjayb89 explained, the number 1 trick to fishing is not continuously holding down circle.
Use the left analogue to keep the marker in the blue as long as you can, holding circle whilst it's there. As I got better, I'd be tapping circle every time the marker went past as I tried to wrangle it into the centre - and this helps you not lose ground to the fish.
Another tip is to save the fast-reel-in until you have a decent shot at having the marker in the centre for a couple of moments - following up the reel-in with some more normal reeling is the best way to gain a whole bunch of ground on the fish before it can recover.
Once you have those three things down, you're good. Don't hit circle whilst anywhere outside the blue, tap it on time where necissary and use the fast reel-in well. You'll get to the point where you can consistently capture 1 high-level fish / bait. I've only lost one or two guardians in all of my playthroughs.
Oh - and if you didn't know already, the amount of splashing whilst your bait is in the water indicates what fish is on the line. If it's splashing a whole bunch then you have something big - you can recast bait with no penalty, and you can tell how much it'll be splashing within 2-3 seconds of it being in the water.
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