Discovering Alchemy Effects
If you do not want to just look-up the receipts, then here are a few tips...
Discover the effects yourself. You do this in two steps and will get quick results. This is how you do it:
1.) Take all the ingredients of which you have plenty (flowers, insects, fish, roots, ...). Then combine them with each other and two at a time. Whenever it says "Unknown potion" do you give it a try. This will uncover the more common effects on the common ingredients. You will soon know all four effects on quite a few ingredients. Do this whenever you think you have an overflowing supply of ingredients.
2.) Your success with the first step will slow down eventually. Once you think you have discovered the more common effects do you go after the rare effects. Obviously, the first step will have uncovered the more common effects, but you will also have used up a good amount of your supply. To make this second step fast and effective do you use exclusion. So what you now do is you only test ingredients with undiscovered effects and you put all those away that have all four effects discovered. This will greatly reduce the number of tests you need to make, while leaving you with a high chance of discovering the rare effects and without losing too many ingredients.
The user interface will help you a bit in finding effects. Each time a combination fails will the UI remember it and grey out their combination. So you do not need to remember anything, but only go by what is being highlighted as untested and you only test it when it says "Unknown potion".
With these two steps will you be able to find 90%-95% of all the effects on the ingredients. Most of your ingredients will have all 4 effects uncovered by that time and only a very few will have unknown effects on them.
Discovering the effects will increase your skill and it will get you quickly up to around 70 in Alchemy. Just keep collecting ingredients wherever you find them. The remaining skill points will be had by creating potions and poisons for specific needs and spending some gold on a trainer for a few extra levels early on.
You will also see that it does not need you to uncover all effects on all ingredients to get something done with alchemy. In fact, if you take into account how difficult it is to get some of the ingredients then you do not really want to use them as there is little point in discovering their effects when they are hard to come by in the first place.
If you wear some alchemy gear (i.e. a
Ring of Extreme Alchemy with 22% bonus) then the potions that eventually come out of these experiments will give you a better profit.
When you sell unused potions to alchemists then they will often run out of cash. Check their stock of ingredients and trade as many of them for your unused potions instead of taking gold. Pick those ingredients that you either like having or that have undiscovered effects on them (you will be able to run some more experiments sooner).
One more tip: The alchemist in Dawnstar will give you an increase in Alchemy for helping her.
Good luck!