1) Build a diversified portfolio
Beginners put all their eggs in one basket while a professional would know what to do exactly. The smarter approach is to build a diversified portfolio based on market cap, tech and team behind the project. This decreases the risk of incurring losses.
I disagree with this point, most coins are just copies of bitcoin with a few changes, they do not really offer any diversification, if you really want to diversify your capital then you need to invest in markets others than this one, the market of precious metals, real estate or stocks are good ways to actually diversify your portfolio, look at the market now, bitcoin is going down and altcoins are going down even faster so there is not really any protection taking place.
Just look at the title of this topic, guys. OP is talking about how to be a
successful crypto trader, not a stock trader or anything else. Moreover, there are many coins that are not affected by Bitcoin. Even, there are always a few coins against the wave. The market is a series of surprises, do not assert when you can not understand it.
Bad advice is bad advice no matter how you slice it, to begin with if you can make profits in this market then you can make profits in any market so I do not see the need to limit ourselves to the market of cryptocurrencies, also he is describing diversification as a way to protect your investment, but there is no diversification to be had in this market, when bitcoin goes up altcoins go up and when bitcoin goes down altcoins go down so that is not real diversification at all and you need other markets for that.