Step 1. Read the white paper
Step 2. Check your future profit outcome
Step 3. Study the team behind the project
Step 4. Notable investors that are already in the project(note this can be deceiving because some are under sponsored shilling)
Pretty generic advices. I would add to that, know what you are doing always.
Know the risk you are taking doing what you want to do.
This will save you from most failures.