I though this question about “fear in trading live” could help other people benefit from this obstacle in trading as well so I asked Peter for permission to post this.
The rest of this commentary is from Peter, I will respond in the comments. Please add any thoughts or experiences too.
I am new to your site and blog. Basically I am pretty ok with technical analysis and have my own system and setups. The ONLY problem though is psychological Fear fear fear still gets me to jump the gun, enter too late or exit too soon of trades, also using tight stops that ruin my setups! Hope you can have something to say about that. Here is a pretty good example of that:
I Made the same trade both on REAL and DEMO account! On the real account entry and set tight stop, even after few minutes I closed 1/3rd of the position, coz I didn’t believe in it. Then the stop gets hit!
On the DEMO which is risk free, fear free environment I let the trade develop EASILY!!!
Furthermore, I knew my stop should be below the recent low (yellow line) and still set 5pips stop!
That kind of ridiculous results e.g. being profitable on the DEMO and BE or losing on the REAL account happens often!
I know it and still get me
Hope you can advice and tell your other followers about it! Emotions MUST be controlled (especially fear) or good results will never come!