Stop loss never makes you rich but minimize your loss, so ultimately helps you from becoming a poor earlier than you expect
and also provide you opportunity to lock in profit.
FYI - You got to be very careful when investing/trading with highly volatile speculative stocks (they are mostly discussed here on HC). Not saying you gota be 100% correct all the time but your research should bring you at least 7 out of 10 speculative stocks that should bring you profit not loss (due to stop trigger). For example, QBL when it opens at 3.9 or 4c after SS news, i liked the announcement but did not chase the stock because it was obvious that i may loose the money at this price rather making it. Let's say if i would have bought at 3.8c and put stop loss at even huge 25% loss. Certainly it would have been clicked. So rather buying I did let it go, but market gave me opportunity to buy it at low (2.6c) when dust settled down. Now when it opens on next news I can free carry & also can take profit at certain price buy adjusting my stop loss.
Hence, never chase volatile stock, if miss the boat just let it go, have discipline in trading, lock in your profit at reasonable price ( you never go broke if you take profit on the way) and Insha Allah, you will be a successful trader. However, always good to invest over 60% your capital in medium-long term growth companies and only trade with 20-30% max. Trading is not easy and trading without knowledge is nothing but inviting disaster, otherwise as you mentioned we all could be rich in few months/years time.
cheers
J
