"Good management of one's portfolio dictates that you should set a stop loss and adhere to it. "
That's one method, sure. Another is to constantly revise your position and intentions and holding management strategy with updated information, rather than simply relying on some decision that you made days/weeks/months ago. Things change. Often. Why rely on a number that you picked a while back, when you had less information?
Rhetoric...
I guess it makes some sleep easy, as they "have a plan in place". We all like to think that a plan will save us! I prefer to use my head, re-evaluate, re-forecast, and make a decision based on what I know today.
Same goes for the other exit strategy too - no point bailing at a pre-determined higher value in the future, just because that = x% profit or some other metric, if at that very time there is a big positive catalyst looming or something great and new about to unfold.
Just some random thoughts
IMO of course!
