I kinda do both. I have one that I'm in for the long run and won't sell for maybe a year or so, which is TRX. I think the CEO with his government connections and possibly a deal with AliBaba in the future, would make this valuable. Maybe shopping in Aliexpress using TRX tokens? Who knows. But it is currently trading at around 3 cents.
I also do day trades so make as much profit in a day as I can. Sometimes I win sometimes I lose. Every time I lose it is because I wasn't patient and doubted myself. And I learn not to be greedy. Making a 3-5% profit is good enough for me. But I am not brave enough to do it on really cheap tokens as it is prime target for pump and dump.
I'm still new to this, but I do agree with you about price. When I find new crypto, I would always find the website first and find out more about them. I only look at the price after. If I find it is really good and then see that the price is really cheap, then I'm all over it. If its too expensive then I pass.