The Blood Knot works well for connecting two fishing lines of about the same diameter.
Although this knot forms a nice straight connection between two adjoining lines, it's not as strong as most other knots that are used to tie two lines together.
However, it's strength is determined by the amount of wraps on each side of the center. Some people say that 4 wraps is plenty. Possibly, but using 5 to 7 wraps will give you a stronger tied knot. I prefer 6 wraps myself.
This blood fishing knot has a thinner profile, and doesn't bend at the knot as some other knots tend to do. Those aspects are why fly anglers love using this knot for tying their leaders.
Steps to tie a flippin' bloody fishing knot:
1. Lay two ends of fishing line side by side, and with the ends being about ten inches past one another.

2. With one line, make about 6 wraps around the other line, and away from the center point.

3. Repeat on the other side wrapping with the other line.
Alternitively, you can hold the two lines together, with the tag ends lined together, and twist the lines about 12 times.

4. Bring the tag ends back around to pass them through the center hole.

5. Moisten and slowly pull the lines to tighten.
Trim the excess line of the tag ends.

That's a bloody fishing knot, 'eh mate!
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