Moreover, a lot of that applies for financial pyramid scams, not btc. And yet sometimes very obvious truths are not getting the attention they should. To the advice listed in the op, I would add taking the responsibility for investments and paying attention to whether the accounts are real. The first tip is actually very important, because people don't like risking and yet are lead by the wish to win. This makes them easily give their capital to someone or even something (like a trading bot) else, so that they don't have this feeling that they made a mistake. If they lose, they can always blame the program or a person they trusted. One has to be mature enough to start investing money and managing one's own funds is crucial. The second tip is a small one and it's just due to the fact that when there are famous successful investors, there are usually fake accounts with the same names, trying to scam people. You shouldn't trust anyone much in this business, but if you do have some people who inspire you, make sure you're following only their verified accounts.