Disliked{quote} There are other ways. If you want them, go find them yourself. Correct way of trading resembles a normal business that has to deal with fluctuating prices. Betting red or black and waiting to see if you have won is not trading. That's called gambling. Withdrawing the bet half way through the spinning of the wheel, via a stop loss, is not money management. It is gambling on the original gamble. Gamble + gamble = gamble. Gamblers are losers because the house edge ensures it that way. A real trader don't need to know if it's going up or going...Ignored
Choosing a direction to trade in is (supposedly) based on analysis and reasoning (be it good or bad). Setting a stop loss is simply a way to limit your exposure. It's not compounding a bet on top of another bet.
Now, obviously, if you're right 100% of the time, you don't need to use stop losses. But for us mere mortals without Oracle-like divination skills, and who are hence known to err in judgement every now & then, stop losses are a useful tool.