Equity Trading -- Updated Stop Loss Strategy

After this Mylan (MYL) trade debacle (ended at $20+ after triggering my $19.95 stop earlier in the day), I will be changing my stop loss order approach and will use 2-3% behind the support point when trading stocks listed on the NYSE. Trading the Nasdaq, I've rarely had this happen, but it has happened all too often at the NYSE. In 2003, I was trading E*Trade (ET) taking runs from $4 to $4.30 as often as I could get them, and a few times, my $3.90 stops were taken out followed shortly by a 10-15 cent positive run.

Given that I can't watch prices throughout the day consistently like I did a year ago, the stop loss orders are extremely important to my trading. A year ago, I would have checked the technicals on MYL before executing a sell order at $19.95 and likely would have stayed in the stock. I still like this stock's chances to reach mid-20's by next January, but I need to get my money to another broker with lower fees before considering another purchase.