This is the strategy I adopt.
I check on Coingecko for new token listings:
https://www.coingecko.com/en/coins/recently_added
I assess the market volumes, current price, growth in the past 24hrs etc. I check out their website, their lite papers or white papers, if available and assess their legitimacy on that.
I search YouTube to see what the Millennial Shit Coin advocates are saying - personally I don't care much if the token has utility, that's not what moves markets with these hype coins - the money will flow where the money flows....but utility is a bonus. Charity tokens leave speculators with fuzzy feelings and can be an incentive for holders to HODL when they wouldn't otherwise. Elongate is a good example of this - I will keep some ElonGate tokens for the long haul.
Once I've found a token/coin/project that I believe has the potential, I wait for the early whales to take their profits and buy in on the dip. I'm usually quite patient with this and I'm very careful not to FOMO in.
I typically only lay down half of my investment first, then re-assess the charts and set more targets for re-investment. If it jumps up in price significantly, I hold off and just run with what I've put in. If it dips and hits my target, I drop in the second half of my investment.
When/if the price moves above 2x - I pull out my initial investment and leave my profit tokens running. That way I'm not emotionally invested, can switch off from trading mode and continue rolling with the punches.
With my profit tokens, I then have targets of 5x and 10x where I'll pull out the equivalent of my initial investment and let the rest run - unless there's an obvious opportunity to get out while I can (then I may sell 90%).
If the price dips down and the trading volumes + rate of Holders aren't decreasing, I will buy in and dollar-cost-average to reduce the amount of price movement I need to break even, or 2x. This has worked well for me so far, but is also extremely risky.
