You can use a paper wallet or a hardware wallet to store your Bitcoin. Only make sure that the source is genuine. The Bitcoin should be brought by exchanges that are reputed. You could also spread your risks by buying the Bitcoin slowly, like every week or every month so that the buying price is averaged.
When you trade in Bitcoin it is a little different than other asset classes where you buy and hold. When you trade Bitcoin it is basically about buying it at a lower price and then selling it at a higher price in the near future. It is important that you do not trade blindly but use your knowledge and practice to make the most out of this market.
The market is made by those traders who buy at a lower price and wait for the novices to enter so that they can sell all of the Bitcoin to them at a high price. This is because the novices trade blindly.
So it is important that you know about this currency and research well before you invest into Bitcoin. You should also make sure to understand at what price to enter the trade and when to exit.
Some people also do Bitcoin mining but this is profitable when done ona large scale only. This means that you would need some mining instruments that are very expensive and also almost free electricity. It is actually much better to buy Bitcoin than buy the equipment to mine Bitcoin.
There are many websites that will let you buy Bitcoin and this is called cloud mining. It it is important to know about these companies because they could be nothing but scams.