I think just as having a stop loss is important, but so is having a “time stop loss”. Having your money tied up in a stock that isn’t doing anything is lost opportunity/efficiency. Typically, if I buy into a stock (pilot buy) I will try give it some leeway (both potential loss in value and time), but if I have mistimed my entry, or it is acting in a way that I didn’t predict/think it should be (Eg doing nothing) I will take the hit and move on. Sure it will probably jump up the second I sell, but it probably won’t either.
Last year I took two rather big losses, DTZ and PAK. I could have left the money in there, hoping it will regain in value etc...but both are still at the point they are at when I sold, and because I freed up the cash, I was able to make the most of the frenzy late last year.
Protecting the downside is important, but imo so is maximising your time/efficiency in the market is important as well
(20min delay)