I mentioned this in the comments section, but it merits repeating: I am a big believer in stops. I think the notion of "mental stops" is ludicrous, since the entire basis of stops is for them to take you out of a position without any thought or emotion. It's way too easy to talk yourself into "hanging on" if a position moves against you.
Earlier today, I bought a small position (3700 shares) of ONP based on a nice saucer pattern. Not long after, the stock absolutely fell to pieces (which is something one hardly ever sees in the middle of the day). I got stopped out where the arrow is pointing (this is an hourly graph). Even a person who was sincere about executing a "mental stop" would have got a much worse price.
