Stop loss orders are often used by traders so as to buy or sell somewhat automatically should a particular price be reached, and hence the level of risk is minimised thanks to this. A slight alternative to stop loss orders are trailing stops, whereby a percentage or dollar amount is determined, and if this is eventually reached, the order will close. But the direction of the price will be considered over time. Which do you prefer to use, if any?

Trailing stops are useful when prices trend beyond our expected target, but perform badly in ranges. I have never used it myself, and it might need to be custom built, but I heard rumours of a legendary trailing profit that is very useful.