The key to catching fish in cold water is to work your lures slowly with plenty of pauses, Usually the fish will hit when the lure isn't moving or the instant you begin to move it again after a pause. In winter fish don't usually move around much, so if you work your lure to fast it won't look natural. If you see a fish in cold water you will notice it hardly moves, and when it does it moves very slowly.
I know for me it can sometimes be difficult to work a lure slow, I have to constantly force myself to be patient and work the lure slower, but that's the big difference between catching and not in the Winter or early Spring. Even Summer and fall slowing you presentation can pay off big. I don't think theres to many times when a fish will ignore a baitfish because its to slow and easy to catch, but they will if it looks to frisky and speeds by them.
Also when fishing for most freshwater fish in cold water you have to concentrate on the bite, It will usually just be a light tap or you will notice your line slowly moving away, when ever you think you may have a fish on the end of your line, don't second guess, set the hook and ask questions later! Its surprising how many times I felt such a slight movement on my line that I wasn't sure if it was just my imagination but it turned out to be a fish, sometimes the biggest fish give the smallest taps...If you set the hook and it turns out to be a snag or nothing at all, just chalk it up as a part of fishing, but watch out for your lure flying back at you if it does turn out to be nothing.
This Winter (when I have had a chance to fish) I have been fishing mostly at Loch Raven for Pickerel and Bass (And wishing to get a Northern), Mostly casting Spoons and Sencos from shore. Its been pretty good but its been slow. Shouldn't be to much longer and the fish will begin spawning and the fishing should get a lot faster.
