The most common strategy, a stop loss placed a fixed distance
from entry is a disaster for most traders. It amounts to placing a
stop at a random location and crossing your fingers!

An intelligent stop-loss strategy must take into account actual
market conditions. In a volatile market, your stop must be located
differently than in a slow market.

If you place your stops too close, they will certainly be hit,
locking in your loss. If your stop is too far away, your risk is
too large.Trading without a stop loss is like running naked along
wall street - you're sure get caught!

Are you looking for a better strategy? I made a quick video on this
topic, see details here;
http://www.traderzine.com/forums/showthread.php?t=529

-Neal