I typed a version of these guidelines up once and updated it a little just now.
1- Watch every fight on every UFC card without exception routinely to build up an inventory of experience and memory of every fighter. Also watch every fight on a lot of other MMA promotions' cards regularly to get to know other fighters and prospects. These include Bellator, LFA, Invicta FC, Titan FC, PFL, Cage Warriors, ACB and others.
2- Check each fighter's fight history on Sherdog, Wikipedia & Tapology for the upcoming cards. Compare their height, weight, records, their stances (orthodox vs southpaw), reach and other factors
3- Watch the line movement on BestFightOdds.com multiple times per day in the days before the fights to see when lines and props are released and anticipate line movement to get the best prices and take advantage of free rolls.
4- Listen/watch multiple MMA shows and betting podcasts about the fight card in the days before the fights to see what some other experts and bettors think about the fights and where the value bets are and why.
5- Read & participate on multiple online forums where MMA and especially betting is discussed to see what other handicappers and bettors think and see how they bet and arrange their action and why.
6- Use multiple sportsbooks to get the best lines and props, not just one sportsbook.
7- Watch the early weigh-ins live every time to see how the fighters look on the scale in terms of muscularity and body fat and energy levels compared to previous weigh-ins and if anyone has missed weight. Also how they react to each other in the face off and take note of any size difference. And watch the ceremonial weigh-in later to see how they re-hydrated. Also watch interviews, open workouts or at least summaries of them to see what fighters are saying
as they often drop important positive or negative information abut their state of mind or physical condition.
8- Look for value on each fight with a mix of favorites and underdogs and on a combination of moneylines, over/unders, props and special prop bets on every card. Some fights you might only want to bet the moneyline and with others you might bet a moneyline and a prop at a high value or alternatively, choose only an over/under. Some fights you may want to skip altogether. Limit parlays to only a small percentage of your overall action.
9- Take advantage of live betting during the fight cards to hedge losses and take advantage of good lines depending on the momentum of the fights.
10- Track all bets and results for every card on a detailed spreadsheet and analyze your wins and losses.
If all that sounds like too much work, save your money.