What you said is totally not far from the truth, these is really one of the greatest weapon that any trader can use if he is really serious about controlling his emotion and also serious about minimizing risk in trading. It is a weapon that no newbie should ever joke with, although to me, it is more like a weapon for margin, but I think it is also useful for any form of trader, although I don’t use this tool that much because I could term my trade as something that is just very similar to holding.

I place my order and keep watching till I see a surge in the price of the cryptocurrency, that is why I don’t bother setting stop loss, but I trade only in bitcoin because even if the price goes down, I know that it will surely bounce back, if I set stop loss, I will still be the one to lose some coins.

I don't really consider myself as a trader yet, other than your usual transaction transfer. And although I've somehow heard or read about this before, but definitely not as detailed as you've explained it here for us.

Thanks for the tip and for taking the time to teach the rest of us, newbies, to be more confident when trading later!

Lol stop loss has been a weapon for traders for years, either manually putting it in the system at the exchange or using a bot, basically everyone who is decent at trading has been using this for years now, it is a bit interesting to see that stop loss finally gets the attention it deserves because every single person, even the smallest of the investors and traders should be using stop loss nowadays, without that you are basically going into lions den without your weapons as a meat and nothing more.

However I would also suggest using it smartly and not just putting it at 1% or something, those type of changes always happens, if you want to take good advantage of it, put it on support (a bit below) so you would actually get out before the storm comes in.

I also did a mistake of not using a stop-loss during my few trades and the result is that my portfolios is too much down because of this. I would also recommend all the new and old traders to always use the stop loss because the market so much volatile and we never know if any coin may dump unexpectedly.

I think perfect analysis of situation is definitely best weapons in trading. Analysis means you should know their project, community,their hard working skills, their management.their team , their ico,  after done these speculation you can enter to market and try to make some profit.
But in the crypto world Cryptocurrencies are increasing every time so very difficult and very risky to trade so do analysis and buy on absolute low point.

Stop loss is must have tool to implement by short term traders and mid term and I don't think its really needed for one who trade once in a while when they can make profits.By the way that is well explained with example which will be helpful for many traders who doesn't know much about it.

Technical analysis will be complete only if it is equipped with stop-loss which is all about what OP is emphasizing. Technical analysis will help anyone to predict the market directions hence I am not sure what you mean by predicting without technical analysis. You mean predicting randomly? Most people here do trade without stop-loss which makes their trade to be opened for more time period than usual. IF they opt to exit at stop-loss then they can close one trade in loss and may cover that loss in next trade.

This is what most of the traders are doing because they are more confident about bouncing back of the market. I guess it will be possible only for crypto trading and for any other trading you must exit at stoploss so that you can minimize your losses and you will get another chance to recover your losses.

For me, the best weapon is patience and discipline. You can't be successful in trading if you're greedy enough to have a transaction even if it is not the right time to trade. You need to have good predictions and technical analysis because it will serve as your guide and hint on when to have a proper transaction. You should not execute your strategies and technique without basis, because it will make you end up being a loser. In order to win, you need to become used to the predictions and understand how market moves. There are people who prefer to hold until the right time and they don't want their money to circulate in the market and it depends on you if you are really confident enough with your decisions.

Maybe you were right that patience and discipline are a must in trading but I don't see any reason that this makes become the best weapon. Probably for me the best weapon is "luck" and followed by "skills", once you have this since the start when you are in trading. Well, trading is for you and you may continue your journey in trading. But if you don't, stop, and find another way of earning money because trading is not for you.

The stop loss feature can be life saving. It's true, that when the market allows this can easily be used for any trader but unfortunately its limitation comes into existence once the market fluctuates in an irregular pattern and frequent basis. This is why even with stop loss I can't always guarantee profit, though at times using it does put my mind at ease