I am going to share quick easy snippet How to Automatically Set the Featured Image in WordPress that will set the featured image automatically by grabbing the first image of the post. You can select your own featured image as well. You just need to add this snippet to your theme’s function.php file.

function autoset_featured() {
          global $post;
          $already_has_thumb = has_post_thumbnail($post->ID);
              if (!$already_has_thumb)  {
              $attached_image = get_children( "post_parent=$post->ID&post_type=attachment&post_mime_type=image&numberposts=1" );
                          if ($attached_image) {
                                foreach ($attached_image as $attachment_id => $attachment) {
                                set_post_thumbnail($post->ID, $attachment_id);
add_action('the_post', 'autoset_featured');
add_action('save_post', 'autoset_featured');
add_action('draft_to_publish', 'autoset_featured');
add_action('new_to_publish', 'autoset_featured');
add_action('pending_to_publish', 'autoset_featured');
add_action('future_to_publish', 'autoset_featured');