I have mentored over 100 people in crypto. Some of them think Crypto is a get-rich scheme because they heard someone made $1m from a project. However, most of the time, they get into crypto and get their hands burnt along the way.
If I am introducing anyone to crypto, what I do make them understand first is that bitcoin investment is not a get rich quick thing. I will like to change their mentality if they have the mindset of making quick money from crypto, because most newbies joining the crypto space always have that mindset.
1. Knowledge First:
This is foundational. If you don't have this you are liable to fall to scam. You need to learn about wallet, exchanges, dexes, and conviction and patience.
Even if you have the knowledge first, there is no way you won’t be losing money. The theory aspect of learning about bitcoin is different from practical aspect. If you are learning about the theoretical aspects, then you won’t be losing money, but when it comes to practical, then you are going to be losing money.
2. Spot Trading :
This is a tangible skill that differentiate you from another person. With this you know how to make money trading. But ensure you stay away from futures trading. Use spot trading to start.
Using spot trading is just better as a newbie compared to putting your money in future trading. Not that you can’t lose money in spot trading, but the risk is just lower than that of future trading, so even if you are trading on spot, do that with the amount you can afford to lose, because loss can also set in.