I is confused. "deterrence from thieves who physically try, and dissuasion from those who are watching from afar." "deterrence for thieves who physically try, and dissuasion for those who are watching from afar."
Neither - that's an 'of' Deterrence of , dissuasion of That said the sentence doesn't work as it is because they will physically try what ? (to steal I assume) - you don't need it at all since that's what thieves do "Deterrence of thieves, and dissuasion of those watching from afar" You could also use 'to' if you alter the word form "to deter thieves and dissuade those watching from afar"
Would be helpful to have the whole sentence. It appears you are saying that ‘something’ is a deterrence to thieves...
"Deterrence from" is awkward. Who is deterred from what? Others watching from afar are dissuaded by something? The second sentence makes sense at least. But what are you going for here? [X] is a deterrence for thieves who would try. That makes sense.
It all depends on who is doing the deterring. Are the thieves/people from afar deterring a third party? Then it's from. Are the thieves/people from afar being deterred? Then it's for.
The thing is either for the deterrence of thieves or it's a deterrent to thieves. 'From' and 'for' are both the wrong word.