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I can only see stoploss orders if
1/ Daytrading or intra-day trading (swing trade is even to long term for that IMO) but in thiscase the limit can be less: 1% or 0.5%.
You also target gains of 1 or 2% per trade only.
2/ You are in a lot of positions (like 100 or more), beside options etc and you need automated safeguards because you can't materialy, follow each stock and react to each move. Your style is based more on statistical prediction and broad sector changes. It protects you if you model fails.
But that won't be a very efficient way of managing your money.
3/ You follow a statistical prediction patern based purely on chart analysis (there will be a rebound here except if it break the $36 52weeks support)
Not sure if it's possible to earn money with that, thought.
4/You definetly decided to cash in and part with your stocks at this point.
5/ You like playing strip pocker with the market
Like "if the news are good it will go up huge". Then it's a viable option to cut loss on a gamble.
Because the market is too volatile. 2% or even 3% moves on one day is commonplace. They happens on no news and no reason whatsoever.
IMO, selling without reason (what a stop loss order does) is unreasonable.
a/ You can expect a stock to grow 20% in a few weeks, but never expect it to do so without temporary dips of less than 5% down in between.
That almost never happen.
b/ You may buy a stock at a fairly low price, yet the risk that it loses 5% or more before it rebounds as expected, is roughly 50%.
So a stop loss will exit with a loss eventhought it was a good bet half of the time.
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