Wrong Entry = way to loose money

On 17^th march based on screen watching, I saw a breakout and went long in BN fut. at 9190., but it was in march series, but till 25^th march when nothing happened, I became impatient,

And thought of getting out, but i remembered that i started following system of mSAR religiously, so kept going, but it was expiry so i have to rollover, and I sold BN fut. at 9199, at around 11am. But at that time April fut. was trading at 9210, 10 pts premium than March fut.... now. Let me remind –some flashback of this march-April rollover drama.

Flashback,

After i took long position in march series on 17^th, around 19^th march , i thought of rollover and checked April fut. prices, it was trading at 15 pts discount to march fut price, so i thought its a good deal, without doing anything i m getting  15 points, but don’t know why i didn’t do it at that time thinking of that march fut. will make new high, (read ..Greed)

Time went on & expiry came, and today, its April fut. which is at 10 pts premium, so again without doing anything i lost that 15 pts + 10 = 25 pts..... I wanted to bang my head in wall.

So, i covered march fut & waited for April to cool down a bit, But BN has another plans and it blasted from that level, which it didn’t came again till I’m writing this (30.03.10)

After it went 9588, i decided to throw the towel in & join the party, but i forget that i was entering into trade @ worst time. i.e. on top most lvl , on highest high made by BN.

I bought at 9580 April fut. & it closed at 9435  on the day i bought i.e. at 29.03.10

Today it went till 9598, and closed at 9490. ( -90 pts)

Now system`s mSAR is at  9266, and i had kept 200 pts of S.L. lets c, which one hits.

Update: i sold that on 9455, fearing further loss & 100 pts stop loss hit , on 30^th march 2010.

Update #2 : it rallied back to 9550 on 31^st march.2010.

Lessons Learnt.

1)      Never indulge in greed of 5-20 pts when playing for Big Shots.

2)      Never enter the trade at top channel / near recent high

3)      Always tweak entries near SL/mSAR, so that optimum risk/reward is achieved.

4)      Read today at jagmohanji`s blog.  

Difference between Pro & amateur for Patience

            Amateur= only while losing

            Pro= when profiting (till exit signal)