Here is what I think should be of help on this matter:
The next very important element is perceiving your trading as a whole. Many great active traders at the end of the day can't even list the stocks they played, while newbies remember each detail of each trade for weeks and months. Newer traders perceive each trade as unique and outstanding. If the trade fails, it feels like a disaster. If the trade works out it feels like a huge victory. When such a significance is assigned to each given trade, it becomes hard to accept the stop. Accept that your account can not go up with each trade taken as no stock goes straight up. It has its retreats. The trend is what matters. If your account is on an uptrend, what else do you need? Oh yes, you need one more thing. As shallow pullbacks as possible. But that's exactly what stop loss does. It limits the pullbacks! Start to look at your trading as a whole instead of looking at each trade, and you will feel compelled to apply a stop loss in order to limit the retreat. +1/2, +5/8, -1/4, +3/8, -1/8, +1 1/4, -3/16 is an uptrend with three shallow pullbacks stopped early. +1/2, +5/8, -1, +3/8, -1 1/2, +1 1/4, - 1 is not an uptrend. It's an erratic super-volatile jumping around line. You don't want to play any stock that moves this way and you don't want your account to look like this.
Quoted from Stop Loss: Looking within for Success
realitytrader.com
Hope it helps :)
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