1) Go back to sim for awhile. See if trading in sim will provide you a profit. If so, start small again with the smallest size you are able to do. Also, when you sim, make it real by doing small size and treating like real trading. 2) See a trading shrink or read a psychology book. 3) If its really successful system, and you can't trade it anymore, try either automating or hiring someone to trade for you.
I am very glad you posted this as this is something that has been a challenge for me for three years. I had taken a small amount and over ten years built it up to sizes that few can do, but then I blew up. Why. because I later learned that I did not BELIEVE in myself. Fear is learned, unlearn it. I want to direct you to the following blog posts that I have made and if need more let me know. Dig through my sites and read through the material. The post about bar volatility monitoring is very tactical and helpful. However, you need to address the root issue. I will tell you, at this moment, I need to overcome fear and deal with an onslaught of outside noise like my wife telling me I suck at what I do even though three years ago I was at $10 million. Everyone tells me to get a job, but getting a job is always an option, but getting to do this is an opportunity. I cannot imagine the failure Edison and Ford had to overcome. Nevertheless, keep pressing forward. Now. Pick any setup and go to simulation or use an amount of money that you can risk. Next. Setup the stop and targets and simply enter the setup taking the view of thinking in probabilities. You must not predict or consider history only be in the NOW. Winners are not afraid to make mistakes, you need to break free of expectations and know that losses are part of the business. After taking 20 trades see how that helps. Here are the links I would like to share with you and keep me posted on how you are doing. I know what you are going through and am willing to share my experiences as well as learn more from others here. Learn to trust yourself. Perceiving Opportunity and the role of fear http://signalbar.wordpress.com/?s=fear Survival Guide to opportunity http://lampway.wordpress.com/2013/04/08/survival-guide-to-opportunity/ Send me an email and I will email you some pdf material with details to help toward getting this fear thing licked. Be in the NOW and seek Peace.
I have the same issue, but I think it relates to the different market states. In a smooth bull market I can just trail a stop and come out way ahead on my trades, compared to cashing out on spikes. In a rough bull market, (near the beginning or end of the run), that behavior is inferior to my natural inclination - to protect small profits - which is how I learned it in the first place. What helped me was taking inventory of many trades, done under different market conditions, and seeing how they would have profited with different exits (manual, trailing stop, exit on market trend change, etc). Van Tharp, a trading psychologist that many quants think is a quack, really helped me understand how to set aside the emotions and think in terms of probabilities, uncertainty, and risk. He is also an advocate for different systems under different market conditions.
Not sure what time frames you're dealing with but why not just place your orders and leave? If watching it go against you gives you feelings of panic don't watch it. If you feel the need to "work" at something find more setups in other markets. if you are scared to do that you don't believe in your plan in which case I don't know what to tell you. I find when I drink during the day I become way more aggressive and ballsy. Trying kicking back few but don't let those beer muscles force you into revenge trades.
This single but did more for my trading than any book I have ever read. http://www.amazon.com/gp/aw/d/0132157578/ref=redir_mdp_mobile/181-7376079-2179406 Are you trading with scared money ? Are you battling other emotional issues right now such as relationship, health or loss of someone close to you?
What's the worst hypothetical drawdown you could suffer, and still be okay with, psychologically, over the course of a year? month? week? Divide that by the number of trading days, then divide that figure by the average number of trades you make per day. That should give you rough idea of what your max risk per trade should be, on any given day (volatility notwithstanding). This would give you a risk per trade, where if you lost every single trade, every day, for the next month, you wouldn't lose more than your monthly maximum drawdown.
markets are scary up here,make no sense,all the rules and regular to and fro you grew to trust is going,temporarily or for good,maybe your not afraid,just intuitive ,smart
Trade smaller still. Do you really experience meaningful fear if you're risking - say - 0.1% per trade? If the answer is yes, and you've really been at this for decades, then maybe trading is just no longer an appropriate career path for you. I mean, you can read all the psychobabble and try all the tricks you want, at the end of the day you have to "just do it".