stop loss is very important and to be honest, I hardly apply stop loss to my orders I base my trades on support and resistance trading in trend direction - there are times when my trades are showing loss even 100 pips or more and soon returns to profitable level when market starts again after correction. But when i feel my anlaysis was wrong I use stop loss though i have to lose quite big amount but still find it wise as i save some capital to open trades on lower level.