You're going to have a great time and meet a ton of interesting people. I recently got back from a 3 month backpacking trip through Europe and had some unbelievable experiences. One thing I would suggest is to see more than just the big famous cities. Going from city to city gets exhausting, especially if you're trying to take in a new language, see the sights, and learn some of the history. Some of my favorite places were small towns in the Swiss Alps, or the Greek islands... places where I could get away from the tourist crowds and take in some scenery.
Some other tips for going solo:
-keep your debit card and credit card separate so if one gets stolen you will still have the other one to get cash. I learned this the hard way.
-do a walking tour the first day or two you arrive in a new city. It's a great way to get oriented, learn some history and meet other travellers doing the same thing.
-the hostel booking websites are great for finding out where the best places to stay are by reading the reviews and using the ratings. The good hostels will book up in the summer time, so having some places booked a few weeks in advance will make a big difference in the type of place you get. I used hostelworld.com and would occasionally pay the extra dollar or two for 'cancellation insurance', so you really have nothing to lose if you change your plans along the way.
-having a phone of some sort is a good idea when you're by yourself. The cheapest option is getting an unlocked phone and getting new SIM cards in each country you're in. I got an international SIM card that would switch to the local provider depending on what country you're in. It was really convenient but definitely more expensive.
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