"Stop mocking the 'Jomo' crowd, delete your stock app" — psychiatrist who lost his entire fortune offers advice

[Financial News] As the domestic stock market plunged for a second straight day, a psychiatrist who once lost his entire fortune in a failed stock investment advised investors facing heavy losses to delete their stock apps and stay away from the news for a while.

According to CBS Radio's Park Jae-hong's Hanpan Seungbu on the 31st, psychiatrist Park Jong-seok said in a phone interview that the recent market crash could cause novice investors psychological shock comparable to an earthquake.
Park, who specializes in treating stock addiction, appeared on tvN's variety show You Quiz on the Block last December and spoke about how he once lost his entire fortune through stock investing and even had suicidal thoughts.
The impact of the recent market slump is also being felt in clinics. Park said, "Since July, the number of patients visiting the hospital to complain about stock losses has risen sharply. In particular, visits this week are more than twice as high as last week."
He added that as losses grow larger, more families are coming to the hospital together. "The average amount lost by patients in counseling has also more than tripled, and there are many cases of people coming in with family members," he said.
He noted that the shock is even greater for novice investors experiencing a downturn for the first time. Park said, "People who started investing during a bull market have no immunity to a crash." He added, "Compared with other investors, they often show more severe depression and panic symptoms, and many spend all day staring at stock screens and cannot focus on their jobs."
He continued, "At first, they make money through beginner's luck and think stocks are not that difficult. But when they suddenly face a crash, the emotional swings and shock become much greater."
"Personally, I think a crash like the one we saw yesterday and today is a disaster comparable to the magnitude 7.1 earthquake that recently struck Japan," he said. "If such losses continue for more than three days, people may feel despair and depression similar to post-traumatic stress disorder (PTSD)."
As a way to cope, he recommended keeping physical distance from the stock market for the time being. Park said, "If you lose tens of millions or even hundreds of millions of won in an instant, the foundation of your life itself can collapse. I think novice investors and their families can feel that kind of pain." He advised, "The bigger the loss, the more you should delete your stock app right away and stay away from the news and social networking service (SNS) for at least two weeks."

He also warned against rushing into additional investments out of anxiety. "If you get swept up in volatility, emotional swings and impaired judgment will lead you to make the same mistakes. Earthquakes also have aftershocks, second and third. It is the same thing," he said. "If you already feel that depression is undermining your relationships or work life, it may help to decide together with your family and start consulting a specialist."
Park also said that the atmosphere of mocking or blaming investors for their losses should be curbed. He said, "In a crash, there is something called reverse FOMO syndrome or Jomo syndrome, where people who felt left out during a bull market may try to relieve the envy and inferiority they had been holding in by saying, 'I didn't buy stocks, so I actually benefited more. I won.'"
He added, "The more such a social atmosphere spreads and becomes contagious, the more it can drag down the economy and spread a culture of blaming others like a virus." He urged people to empathize with investors' pain and to refrain from mockery, blame, and abusive comments.

[email protected] Seong Min-seo Reporter