Here is another example of the need to adhere to your stops. I took a position in Excel Maritime carriers back in mid-March when it broke out. Initially it looked like this could be a big winner as it soared over $1.20 before retreating, and I was stopped out when it breached the 80c level a week ago.
I try to have as little emotional attachment as possible to all my positions - some trades work (and will generate a profit), and some won't (which will leave me with a loss). This particular trade still generated a profit, but not as big as it was showing a sessions prior to my stop being hit. There is no point on getting angry or frustrated about this - you cannot control the market. You should just observe what happened, log it in your trading record, and move on.
Even worse would have been the idea to think that "X and Y have been saying this could be a big mover - I better hold on", and greed would have gotten you to give this trade some leeway. Stops are used for a reason - to control losses and to ensure that not too much of any profits earned are eroded.
The two examples I've posted today have allowed me to bank some profits over the last few sessions in an unemotional fashion. Had I overriden those stops, I could have lost all those profits and maybe ended up with losses.You might get lucky once in a while, by overriding your stops, and a trade may then go back in your favour, perhaps even significantly. I prefer to play the odds, and experience has taught me to stick to my rules.