I actually used to do that. I used to checked the projects and look for interesting features and functionality in the coins but at the same time I kept seeing all the shitcoins around me getting pumped and everyone making a lot of profit from those while I though the coin that has actual promise can go up. and it never did!

that is why I gave up that strategy, I still check the projects but just because I am interested in the technology but never as my trading strategy. now for trading strategy I just check for pumping potential and see if there is anything on the news that can lead to a big altcoin pump and then I invest in those coins only.
it has also been helpful to me to watch the market and the movements in it. with watching factors such as price (obviously) and volume that goes into each coin. sometimes it helps a lot.