Fishing is a pastime in LOTRO that has no reward cept relaxation (if you call stairing at your character with your finger on the mouse button ready to pounce), stuffed fish trophies to plaster the walls of your house and, hopefully, sometime in the future fish that your Cook can turn into power food (I hope).

You can make or buy at Auction House (AH) fishing poles with added fishing ability (up to +5 Fishing) and you can buy from an NPC in Straddle three types of bait for fishing hook that adds to your ability to catch a fish. BTW, both the special fishing poles and the bait DO NOT WORK at this time. According to the LOTRO Forum, even though you can spend your hard earn coins on both, their added ability will be patched in sometime in the future.

So don't blow you money extra fishing stuff.