The trick is to make the bike look uninteresting compared to its neighbour in a bike rack. Decent frames in London used to end up covered in gaffa tape and random stickers, but it really became too obvious and interesting and telegraphed to the world there was something worth a gamble on nicking.
Same goes for frames allowed to lightly rust as it can be too obvious that the rust is not being allowed to progress with linseed oil, or something. It is also now something people do to attract attention.
A degree of camouflage is required along with general grime and neglect. Just enough that a would be thief might wonder if their tetanus jab is up to date and it just looks a bit random and boring.
A trick i was told, by a rider who parked up in some pretty dodgy places, was to have methods (make your own bolt heads with custom tools) of adjusting something like stems, bars, saddles, and seatposts. Not so you can take stuff off, to stick in a bag, which is a way of giving less of a prize, but to make the bike look goofy and not at all racey i.e twist the bars round, or drop the saddle a stupid amount. Saddles are the best to totally remove as it makes the getaway a hassle.
One thing to definitely invest in is the best lock(s) you can afford. These will not attract attention as everyone knows that nobody wants to loose their ability to get to work/the pub/the train/gym etc even if it is a pile of poop.