What is FOMO?

FOMO stands for Fear Of Missing Out, which means fear of being left out and missing. People with this FOMO syndrome often have feelings of fear that they will miss something. This feeling haunts the sufferer that those around him will achieve something that he cannot. Since then, this syndrome prompts people to have to do something at a time of lack of reason, leading to wrong decisions, causing more or fewer consequences.

FOMO in everyday life

The development of social media makes FOMO syndrome worse. Typical examples of FOMO are young people constantly checking Facebook in order not to miss information from friends, movie stars, music. This miss leaves young people unaware of the "hot news" to join "eight" with their friends, although not all are important.

Another manifestation of FOMO is trying to buy a new iPhone in the trend of everyone buying an iPhone, although not using all the features or features are still the same as the current iPhone. You will get FOMO because you're afraid everyone has a new iPhone and you don't. So sacrificing a few months' salaries for your iPhone that you only use to listen, call text, and surf Facebook.

There is a statistic that about 56% of social media users have FOMO syndrome. The popularity of many types of social networks, as well as a variety of news sites, makes FOMO even more popular.

FOMO in the field of investment, explaining why Trader stuck at the bottom

Traders are human too, so they definitely have FOMO. FOMO is a psychological syndrome, where Trader is the one who bears the psychological burden almost every day, so FOMO in the financial investment world can be quite severe.

FOMO has "killed" the world financial markets many times in history. The most recent was the dotcom bubble of investing in internet companies in the 2000s in America. At that time, everyone was afraid that they would miss this wave, so they jumped in to buy drastically. After the dot-com bubble broke, many internet companies returned to zero real value, leaving most investors losing money and going bankrupt.

The FOMO syndrome in Vietnam we see is that the investment wave in stocks in 2007, gold in 2008-10, real estate is also around 2008-10. Every wave like that, FOMO makes investors not understanding, but only jump in because afraid of missing the opportunity to lose.

There is a famous saying among investors, "When the market is greedy, it is time to leave the game" because that is when FOMO syndrome has a large impact on the market, causing the market to bubble.

How to apply FOMO to scam?

Organizations or individuals use this FOMO as a means of fraud. They take victims into seminars, draw new technologies or investment channels, and then squeeze each other into buying goods or investing. The victims, due to their weak mentality, lack of knowledge, and experience, were immediately afraid of losing their golden opportunity to become a billionaire, so they rushed down to invest money, expecting it to be a trap.

All the things like monumental seminars, customers jostling, new technology ... are things to create FOMO syndrome only.

Against FOMO like?

It is clear to us, realizing FOMO was difficult, let alone against it. However, it is not without a way. Try the following ways

1. Ask yourself if this is practical?

If a certain investment channel offers a "heavenly" interest rate then you should ask the question is it real. If the interest rate is twice as much, the bank is starting to seem unrealistic.

2. Learn from a legal perspective

People who use FOMO to set fires often lure brothers into investment channels that are not recognized by the law or even against the law. So, you should carefully check the legal basis before getting money.

3. Examine the qualifications of those calling for investment

Because of the FOMO mentality, scammers often dress neatly, show wealth, knowledge, and at the same time compose stories from poverty to rich, to make brothers think why they are If we can do it, we cannot do it, thereby pushing the money to invest.

As you can see, FOMO is very dangerous for society in general and financial investment in particular. FOMO identification and “self-healing” is essential. If you cannot do this, you will not only fail in investing but also in everyday life.