Best strategy when investing in alt coins

Those who trade often have heard the term "trying to catch a falling knife". It refers to buying as the price drops to try to recoup your losses.
What I've seen a lot of lately is the opposite in a sense.
People will buy a coin really cheap & then it skyrockets. So they buy more & more as the price shoots up.
Good strategy if you've managed to find the right coin, but more often than not, all profits initially made are gobbled up once the coin crashes.

This is how I go about investing in alts:

DAY TRADING:

1. Spend x amount on a coin & that's it
2. Decide how much of it you want to store & how much you want to trade.
3. When trading ALWAYS trade at a profit. Whether it's btc or the coin you want. If it goes out of your range then you wait. You may end up missing out if the coin shoots past your buy back price forever but at least you made btc to buy another coin with. If you really like that coin then store most of it & use a little to try to build up your stake.
4. Have a set amount of coin profit to send to storage & continue trading.
5. DONT get caught up in the hype. I see dozens of new coins every day on crypto pages plastered with "where can I buy?" comments. It's kinda scary. The ravenous hunger to acquire "the next big thing" with very little rational thinking involved.
   I've been a victim myself & had to check myself because I realised I felt exactly like a drunk at a casino. It was just getting out of hand.

LONG TERM INVESTING:

1. Spend x amount on a coin & THATS IT! You get more money to invest then buy a new coin.

I see it this way...
I have 5000 ripple that I picked up for about $5 a couple of years ago & 600K of doge at about a quarter of the current price.
Have I bought more? No. I have MORE THAN ENOUGH of each coin to retire if the prices go to where they say they will. If they don't hit those prices then it's a waste of time & money to throw anything more into them.
It's better to use any new money to buy a new coin.