And here comes the PITA
I think it really comes down to YOUR trading styles and what YOUR personal research has shown about this very topic.
Example: I know that I will hit rough days. It's to be expected. Friday was one of them. I also know that there are plenty of days where I will take a few losses initially and then the next few trades take it over. Now, if I was not around for those winners, I'd be upset.
But, THAT'S ME AND MY TRADING STYLE. I KNOW what to expect based on how I trade.
Point is that I do not care for 'one size fits all' approaches b/c it simply does not work in trading. I can prove this article as a complete and utter farce; meanwhile, HLM and others could probably prove the merits. There is no right answer here, but there is always two sides to the coin.
Once YOU KNOW what works for YOU, then you can decide whether a stop loss target is a good idea or not. It obviously works for HLM but I know that it works for him b/c he's already done the research. I have no doubt that HLM has done the research and work necessary to be able to say what he did.