I have used the stop loss to protect my investment, but with this market bleed, I have doubts if it is worth using Stop Loss. What do you think?
Terribly bad idea.
By doing this, you are already at a loss, and are doing nothing but locking-in your losses. If you truly believe in the value of your investment (and you should in the first place before investing) the smart move right now would probably to just hold and wait for the market cycle to uptrend.