Stoploss: How do you apply your stop losses?

Often, there has been a debate on the application of the stoploss. A lot of traders belief that they lose out on the opportunities especially in a high volatile markets, due to the untimely stop loss.

For some, stop loss has been of utmost help which have saved them from going into huge drawdowns, helping them in saving the capital.

What has been your experience? Have you had experience where stop loss saved you from having huge losses.