This is the most self explanatory one of them all, if you don’t cut your loss short it may only get bigger worsening your problem and probably ending your career as a trader.
The reason that many traders decide not to use a stop loss is simply because they can’t stand to be wrong, or another belief I have come across is that the market will eventually come back to the price at which they entered the market. Let me make this very clear, the market is not consigned to cycles or ranges or patterns, it may go up and down but there is nothing to stop it going in the same direction for a long time, in fact never coming back to your entry price ever again.
The fact that this is even a possibility should cause you to use a stop loss on every single trade, because if you done one day your account will get completely wiped out I can promise you that.
Take away: Always use a Stop loss.
Next: Your Edge