Predictor

You should factor into how much you have of your account at risk. Yes, it does also make sense to use daily stop losses. But they could, also, be based on account risk and not your own feeling to that regard.
 
In general, with a tiny account, risk should be reduced at the 25% of account level. It also makes sense to stop when ahead if you can't trade overnight because you have less time remaining to recover from any losses but only in terms of closed trades.
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These types of considerations are a bit advanced in that focusing on them can be counterproductive for the beginner but are nonetheless important.
 
It is worthwhile to consider:
 
How much time is left in the game (early game, mid game, late game) (i.e day)
% of capital at risk total
closed trade profits
open trade profits
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Now, let's say you are a momentum trader and you are up $250 on a $1,000 account (like I was today) and you have a total of around $500 at risk. In this case, you have 25% at risk to break even and so you should start reducing your risk.
 
Many successful traders just trade the open and morning session. I also do better with morning session. Trading late in day has many pitfalls, namely, limited time to recover and more fakeouts. It also depends on your style. You shouldn't set an upper limit per se but you should watch your total account risk and set a lower limit.
 
If you aren't trading a hard system then it likewise makes sense to listen to yourself when you are losing and take time off, whether that be a day or a week. Most professional gamblers will step away when losing. Push harder when winning and take it easy when losing.
 
A quantitative example might be that overbought indicators tend to get stuck when market trends strongly. Maybe it is a profitable indicator for you, if you can manage to avoid the bad losses, i.e don't keep fighting when it quits working!