FOMO: Fear of missing out
FOMO (Fear of missing out) is another technical term from the trading realm that is also very applicable for HYIP investments.
"Fear of missing out" describes the psychological effect that seeing how other people profit makes you regret your decisions if you previously didn't also invest. Worse even, the human mind tends to overcompensate and is willing to accept a greater risk to cover the preceived loss
You've seen a link to some shady HYIP on reddit, registred and decided it's not worth the risk.
Several days later the same person posts again, saying that they turned their $100 invest into $300. You are now questioning your inital decision and wonder if that was wrong.
Next day another posts also shows profit. Now you feel like you are the only one who didn't get onboard and you are missing out on huge profits. This seems like a once in a lifetime chance and you are missing it.
So you decide to get in - even though you should know that it's never a good idea to invest into a HYIP late!
And most likely you are also willing to invest much more than the two others. Why? Because you have to in order to make up for the error of not investing earlier. Right? Well no - next day the HYIP shuts down and you're sitting on a gigantic loss. All that happened was your brain tricking you into actions that you would have never taken otherwise.
How to prevent FOMO
Here's a checklist that you should always go though when considering an investment
If you previously decided against investing: What has objectively changed since then?
Does the program still safisfy all the conditions you normally rely on?
Take a walk around the block, clear your thoughts and come back. Is it still a good idea to invest?
If possible: Ask someone else for an opinion (but please no the original posters that gave you FOMO in the first place)
Remind yourself that there are new investement opportunities every day. Is this one really that special?
Still unsure? Don't invest! If you are not entirely convinced , it's probably not a good idea
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