After demo trading for a little over 2 years I have opened a small live account. Trading psychology for me is totally different when swithcing from demo to live. The fact that you have real money in a trade will, if you are not careful, cause you to make some very rash decisions and at times completely disregard your trading plan. Trading what you think instead of what you see, chasing the market, not using protective stops, forming a bias, and being timid to the point of cutting your profits short and letting your losers run some of the opportunities that I currently have.