Ideally, you want to have a domain name that accurately describes your niche. You don't want a domain like gxbr.com because it isn't memorable, and it doesn't describe your niche at all. Instead, you want to register a domain name that accurately reflects your chosen niche.
It may be tough to find a good two-word domain in your niche, but you should try. Remember, you must have a domain that would work for your entire niche, not just one small section of it. If your site is about all shapes of green widgets, you don't want to register roundgreenwidgets.com, because you would exclude other shapes like square or triangular.
I have a list of factors I use in choosing domains: I only register .com unless an excellent domain is only available in .net or .org. I do not register other extensions. I prefer two word domains whenever possible. I will register three word domains if necessary. I never use dashes in domain names. (ex. Red-blue-green.com) I never use numbers in domain names. (ex. Vacation101.com) I try not to get domains with double letters. (ex. Hottubs.com) The only exception would be if the domain was really excellent. (Yes, I would actually register hottubs.com if it was available!)
Basically, you want to make sure to get a relatively general and all-inclusive domain name in your niche that is easy to spell, type, and remember. You want it to be as short as possible, and avoid using dashes or numbers. Overall, your domains should be as memorable as possible and simple to type for people who didn't bookmark but want to return later. Which registrar should you use? I only use NameCheap, personally. I know a lot of people use GoDaddy, but I've had a lot of friends who lost their domains to GoDaddy because of a single spam complaint when they never sent out a single email! NameCheap has .com domains for as little as $8.81 if you use their monthly coupon. You can find the NameCheap coupon for a given month by searching Google for "NameCheap coupon July 2009". Just substitute the current month and year and you should be able to find it.
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