Beginner question: what’s the bare minimum someone should understand before they even touch a trading bot?

I see a lot of bots and ‘automated trading’ stuff being marketed to newbies. For someone brand new to Bitcoin, what do you think they absolutely need to understand before they even consider using a bot?

My guess is things like: how private keys work, how API permissions work (no withdrawal access), and basic risk (don’t put your rent money into a bot).

Curious what this sub thinks should be the ‘prereq checklist’.