It's been my experience that it's one of those things that you have to develop as you go for different species, and sometimes different situations. For me, I probably use a strip strike more than anything, then raise the rod to get the pressure on the fish. Took me a long time to get out of the habit of striking with the rod. I still do it with other tackle, and have even gotten away from the cross their eyes Bassmaster type hook sets with other tackle. Still, it's a hard habit to break & sometimes I still get carried away.
Most of the fishing I do is for bass, or Striped Bass & they tend to hit hard, so strip strikes work well, as many times they'll hook themselves. When I fish for panfish, I still just lift the rod, even though my intention is to use a strip strike. They often hook themselves too.
My biggest challenge is with topwater flies, since seeing the strike and reacting is natural, and striking with the rod is natural. Still, I know to be patient, not over react & strip strike when I feel the pull. Just doesn't always work as I intend!
Shouldn't be but actually a tough question to give a simple answer. Think it depends on the species and your expectation of the size. Generally a hard strip seems to work on most fish but then there are exceptions. With Hard mouthed boney head tarpon and a standard saltwater hook one hard strip probably ain't gonna cut it unless you back it up with
2 or three more strips or hard lifts. Then again the same tarpon on a circle hook letting him run against pressure does the job by letting the hook set in the corner of his mouth( in theorymost of the time). Then there's bottom fish with relatively small mouths that a strip will pull the fly away where as a lift at the right moment will hookup.
Many times when stripping with bigger fish in mind I try to think that every strip could be a hookup. That works until you get distracted just for a second then it's what dud I just screw up.
And how bout small panfish . You get in a rhythm where all you have to do is clamp your fingers on the stripped line and your in. Yeah until the big largemouth comes out of nowhere and by doing that either you break him off or he instantly leaps against the no hibe stop and he breaks the tippet or throws it. So even though it's panfish I guess the strip and being alert makes a difference. Salmon and other quick starters like pristine strip and some side pressure tend to work for me. Bangers like Stripers , Largemouths and Smallies a good strip. And like said over time you get a feelfor what your after and what works.
Just don't ask about how to do it with Longnose Gar. Jury still out on that one for me.
"I was born to fish" Lee Wulff
"There's more B.S. in fly fishing then there is in a Kansas feedlot." Lefty Kreh
" It ain't over till it's over." Yogi Berra
"Your not old,you've simply acquired a patina." Swirlchaser
Just to confuse things even more
... big fish, fast water, light tippet, you should use a slip strike... yeah slip not strip
You lift the rod tip while releasing the line, picking the fish with the hook while protecting the tippet with slack line