Forex - about Stop Losses

"Take your losses when they are small because if you don't they are sure to get large. In this regard, discipline is of the highest importance. It is a cardinal mistake not to take a stop if is hit. It's even worse if the stock comes back and turns the trade into a winner because now you have been psychologically rewarded for making the mistake.

Get out quickly and re-assess the situation. If you think it will come back, put on a new trade with a new stop. Faith, hope and prayer should be reserved for God - the markets are false and fickle idols."

(whole article here)