in a trade, stop loss is used to anticipate if the market moves not according to what we planned, with the stop loss the transaction will close automatically, so we don't get carried away with bigger losses. especially if we can't always be in front of the computer, then this can help traders to survive
I agree, especially for new traders stop loss orders can make a huge difference. If a bear market is happening than with a stop loss we can be among the first ones to sell our coins. The easiest for me is to have a stop loss order as a percentage of the current price, so we can sell our coins if price drops like 15-20%. Some exchanges only allow fixed orders, then we would need constantly adjust the price when it moves up or down.