| Re: Just joined the game!
It's better to buy one good domain than 20 mediocre names, or 1,000 garbage names. Bide your time, search the message boards and auction sites until you find that hidden gem, then go for it.
Look for real words (dictionary words), not too long, no hyphens or numbers, and no strange or speculative extensions. Ask yourself, would someone type this into the browser bar to see what comes up?
Stay away from trademarks and brand names, however, as they will get you in trouble and you'll be unable to market them. So (for example) USAmotels.com (generic but taken) would be a fantastic name, but motel6locations.com (a trademark) would be useless. Findamotelintheusa.com, although it's generic, is also useless in my opinion because it's too long and is very unlikely to get any type-in traffic.
Stick to dot coms if possible, but also consider .org and .net if it's a really nice one.
Research and become familiar with the tools that will help you determine in advance whether the domain gets any traffic. Have a clear idea in your head about what you want to do with the domain: park it, re-sell it, or develop it? Be sure the domain is appropriate for that particular use.
If you're not sure about whether a domain is a good buy, don't buy it.
Don't overextend your credit cards, as it's hard to recover. Try to sell a domain occasionally to pay for the ones you keep. If you've acquired a few bad domains that you don't want, try selling them cheap, even at reg fee, rather than just letting them drop.
When you find yourself with a good domain (i.e. one that makes money) keep it! Unless you get a truly irresistible offer.
Remember that the goal here is to make money. Don't fall in love with an idea, or a bad domain. Keep the winners, dump the losers, watch your bottom line, pay off your credit cards.
That's my two cents.
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