That fear of missing out—FOMO—is pushing even casual investors to question their strategies
) - When the stock market swings, so do emotions. And according to clinical psychologist Dr. Josh Klapow , that emotional rollercoaster can lead to impulsive decisions. “There’s lots of media coverage and there’s lots of information out there,” he says.
“There gets to be this kind of collective energy... that can lead to the thought of, not just what should I do, but am I missing out?” That fear of missing out—FOMO—is pushing even casual investors to question their strategies. Klapow says it’s a double-edged sword. “If I don’t, will I miss a chance to be better off? Or the flip side… if I do, will I be putting something very valuable to me at risk?” His advice? Separate feelings from facts. While emotions may be screaming “act now,” the data might suggest otherwise. “We can feel very compelled to do something,” Klapow explains. “But then if we step back and actually read through what we know to be true—that may not add up.” He recommends speaking with more than one financial expert, and just as importantly, knowing your own limits. “You have to decide how much risk you can live with,” he says. “Once you do all that, you’re in a position to take an informed risk... not just one driven by fear of missing out.”A study from the National Bureau of Economic Research found nearly 8% of active investors had participated in at least one “pump-and-dump” scheme, losing nearly 30% on average.“If you can be honest about those two things, what you feel and what you know, then whatever decision you’re making, it’s a well-informed decision,” Klapow says.
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