Yes you are right. I like to add that stop loss depends on market condition. Such as - I open a trade 1 minute ago. But suddenly one news published which is contradictory of my speculation. I understand that the market will down seriously now. So, now I need close the trade immediately, whatever my loss - 10 pip or 100 pip does not matter, whatever my investment $1 or $1000. Now the situation is considerable not emotion.