How do I invest in crypto protocols?

As a novice investor in the crypto space, I'm curious about how one can safely and effectively invest in crypto protocols. Could you elaborate on the key steps to follow? Should I first conduct thorough research on the underlying technology and team behind the protocol? Are there any specific metrics or indicators I should look out for? Furthermore, how do I determine the right time to enter a position? And lastly, what are some common pitfalls or risks that I should be aware of when investing in crypto protocols? Your guidance in this matter would be greatly appreciated.