There are basic knowledge and practices in the crypto space that a trader or an investor is advised to engage before investing in any cryptocurrency. These requirements are what we tag "DYOR" meaning, "Do Your Own Research".
The DYOR process involves amongst others;
1. Getting the foundational knowledge of the aspect you want to be a player in the crypto space by under studying relevant materials from experts and key players in that field such as ( books, video, histories regarding the space etc.).
2. Being familiar with the tools required for your success in that space e.g. In trading Spot and Futures Contracts one must know and understand how to carry out Technical Analysis using it tools called " Technical Indicators" and also be familiar with how to perform fundamental analysis on a coin before trading or investing.
3. Practicing what you have learnt over and over again to be a able to get a first hand experience of what you have learnt. Practicing would help one to develop discipline, principles, strategies and a sense of fulfilment on the effort you have put into the whole process as you would notice your success rates and know where to work on.
Practicing in crypto trading can be very expensive as it involves funds that may be lost in the process of mastering the skills. However, I have developed a strategy that I call " Pilot Trading" where I trade with very small amount of money so that I can have capital to practice and learn in the long run. This is because there must be a price to pay to be a veteran in any field. Therefore, "DYOR" is a prerequisite for success and also it helps reduce risk in the Crypto Space.