Siravich Wongpanich – Don’t Be Overconfident When Investing in Crypto

BIO: Dr. Siravich Wongpanich is a founder of the Money Clinic, a Thai Facebook page about trend-following trading. He is a doctor and a trader in the stock market, cryptocurrencies, and futures.STORY: Siravich invested in cryptocurrencies without research or a risk management plan. He lost 1/5th of his investment.LEARNING: Be careful dealing with futures. Find your sweet spot and try to operate within that sweet spot. “Have an investment plan and follow it.”Siravich Wongpanich Guest profileDr. Siravich Wongpanich is a founder of the Money Clinic, a Thai Facebook page about trend-following trading. He is a doctor and a trader in the stock market, cryptocurrencies, and futures.Siravich has an ongoing online course, Tools to Trend Trader Online Course and has extended a 15% discount to all My Worst Investment Ever Podcast listeners. Message him on Facebook to get your discount.Worst investment everWhen Siravich started investing in cryptocurrencies through futures contracts, he was super excited about the booming market. He jumped right into it without any research or a risk management plan. The cryptocurrency market was quite volatile, going up and down pretty fast. Siravich got 10x profit at one time but also lost around 1/5 of his capital in the end.Lessons learnedBe careful dealing with futures.Avoid revenge trading.Long-term investing is better than short-term investing.Andrew’s takeawaysWe need to compound our savings and investments over time to have enough money to do the things we want, such as retire.If you invest with overconfidence, the market will take your confidence away.Find your sweet spot and try to operate within that sweet spot.Actionable adviceHave an investment plan and follow it because if you fail to plan, you are planning to fail.No. 1 goal for the next 12 monthsSiravich’s goal for the next 12 months is to build a community on Facebook. He’s also working on building a trading strategy that suits him.Parting words “Develop and improve yourselves by learning from your previous experience and mistakes.”Siravich Wongpanich [spp-transcript] Connect with Siravich WongpanichLinkedInTwitterFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast