BNI again

2nd losing trade this year.

The previous post was written hours before the market opened, which showed a near 2% gap down. I waited till the opening bell, and from the point of opening, the market was showing some positive signs, at one point erasing the 2% decline within 10 minutes of open.

Taking this as a bullish sign, i set in a limit order to buy BNI. The reason and target for the trade remain similar, with a slightly higher risk target of 55c.

However, the markets proved grim today again. I feel a slight loss, but again, nothing horrible. The trade seemed justified.

Lessons learned:

1) Trying to catch a falling knife is very very dangerous. Perhaps i really need to start considering whether i should continue to trade with such a method, or 'wait' till further confirmation.

2) I wasn't trading with the big trend. As a lesson to myself, i will not initiate any more long trades until a much clearer signal is given by the indices.