At first, you have to go through the google scholar. You have to study ML research papers by others. And then you can chose your topic, either Economilcs-Finance based ML paper or Health/Bio based ML or any other base root on your choice.
Then you have to study and revise the field you chose for some time. And also you have to go through Kaggle and Git-Hub for sources. Then you can find the particular topic and it will be easy for you to go on the next level.
Finally, when you got everything, go through those research papers again, and write down on your own language. In research if you do ML, try do it on Python or R instead of SPSS/PSPP. Even the visualization.
How to know my method is valid. For example, I proposed my model ML in Economy field. Ofc, we have different perspective about what parameter can I use to build model. Because that I ask for someone can sharing and solve together the problems for several cases
You have to wait for that. When you submit your work in any international journal you will reviewer's response. They will analyze everything. There after you change your thoughts or stay with your own work. If it rejected then you have paraphrase the abstract and title and go for another journal. The work is challenging. You have to wait for atleat 5-6 months to get reviewer response.
If you want to do PhD, then you must cleeared NET exam and then find an university with proper accomodation or you can go abroad. You need a proper guide for this.
Most importantly your contribution in your paper is must. If you think it's valid then you have to work on it, otherwise research is not for you. Negative comments from reviewers and rejection is a common thing here. It's totally depends on you.