Stop-losses enforce discipline โ they take the emotion out of exiting losing trades. They also carry risks: gaps can cause execution at worse prices, and stops that are too tight get 'noised out' by normal volatility.
See also
Practice this in Aurora
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Open Decision Lab โFrequently asked questions
Where should I place a stop?
Below meaningful support levels or a fixed multiple of average true range. Avoid round numbers where many stops cluster.