Stop loss order is good but could be otherwaie at times, take a look at the scenarios

1. If you buy bitcoin at $9000 and you set stop loss to automatically sell bitcoin at $8500 when bitcoin price drcreased to $8600. Immediately the price deceased to $8600, the bitcoin traded will be sold, most people sell in getting stable coin at such time.

2. There are times the bitcoin price will reduced to a price below $8600 and your bitcoin will be sold automatically, but very also possible that the price may later increase back even above $9000.

3. The was a time in March, 2020, when bitcoin with a day dropped from $7500 to below $3600, this was a great advantage for people that had used stop loss.

So, we should be careful and try the use stop loss at the appreciate time. Not all time is appropriate but most times time is appropriate.