After a while you will have a rough knowledge of what player's values should be but a good tool at the beginning is to look at your Chairman's estimated value of the player and if it's a couple of million pounds above his current value, then the player is a good investment. This of course only works at unmanaged or external clubs usually, as managed clubs are reluctant to let their players go at undervalued prices, although it's not impossible.
It's important to make sure that the player is playing regularly and performing well, so that his rating does not drop in the time that you have him in your squad and also that the player's birthday is not within the next couple of months.
Below I take the example of Fredric Kanoute, whose value is 6,290,000 and my chairman values him at 8.23m, his value is likely to rise immediately after signing him and after putting him in the first team for a few games, his value will rise to around 8.5m, I may even be able to sell him on for as much as 9m, so I would make almost 3,000,000 profit by the time I transfer list him when his 10 week transfer ban is over and of course have the use of a 92 rated player in the mean time.

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