There are not straight forward or specifically designed steps that should be followed to identify the good coin. The business of investing is based majorly on speculation and speculative analysis and so no one can actually predict with all certainty which of the cryptocurrencies will be most profitable in the nearest future. You should clearly study the trends which the coin has shown over the past few years. Check the success rate and read about the team behind it. Read about the project and if all is good only then invest in it.