On reflection I was confident that one player had a pair and I was right, but on reflection the other player could to be honest have had anything. Especially as he was big blind and checked. For example he could have had 8 - 6 and be in the lead with two pair. Looking back on it the guy that won the hand had actually made quite a gamble by calling as he was only 40-60 against the pair.
I think i got too excited about the potential chip win and didn't take enough time to think through my decision. I went the 55% favourite to win, but should have also thought that 45% of the time I will lose.
I knew straight away that limping in was my downfall and just wish someone at the table had made a pre flop raise and I would have gone all in.
Having said all that if it had worked and I had won the hand, I would have been thinking what a superb move and in a great position to have a go at winning it. Instead the poker god gave me a good slap.
Thanks for everyones feedback and although views vary, I have found this a really useful learning experience.
Cheers.