In the previous post, I decided that I needed to settle on an amount and the instruments, planning — for example — a 10-day experiment. A solid plan.
“Register on Bybit,” they told me (implying that I’d figure everything out on my own). Why would I need to register on Bybit? That’s exactly what I asked GPT, and I received an answer essentially saying that there I’d have access to a “comprehensive suite of crypto products.” Well, that’s precisely what I needed—that’s where I’d choose the instruments to spend a certain amount (which I’d determine there as well).
I registered and even passed verification without any issues, only to find out that I had already missed a lot:
It seems the full 10 days might be consumed just sifting through the flood of notifications landing on me. Inside, there was a bunch of tasks from Bybit promising, if I completed them all, a substantial sum of money. Even wrapping my head around the rewards takes considerable time.
Okay, you have to eat an elephant one bite at a time. I decided to skip the rewards (and the tedious notifications) and start by studying the “instruments.” Since everything in the Bybit menu looked equally confusing and intriguing, I randomly picked Trade → Trading Portal, and there I chose Trade Spot (because Trade Derivatives looked more complicated, even though I didn’t really know what “Spot” meant).
Seeing such a powerful dashboard there, I was somewhat taken aback:
The rest of the day went by in puzzled clicking. However, I did manage to read about short and long positions, notional value, and buys/sells. Since Bitcoin was falling while oil and the dollar were rising, the “large sell” values were high—and I even made the elegant conclusion that institutional investors were exiting Bitcoin because of tensions around Iran… analytics!
In summary, I conclude that the original plan turned out to be, as is now obvious, a bit naive and unrealistic. The volume of information is so overwhelming that I wouldn’t dare guess when I’ll have enough confidence to “choose the instruments” and, furthermore, determine the amount I’ll need to learn to maneuver them.
Therefore, for now I will just get my bearings and record my time and progress. In the end, at most, I’ll be able to conclude how long it took me to overcome this entry barrier.