Build a Protective Put Strategy

A simple strategy to limit your losses on when you are bullish but nervous on a stock. If you own 100 shares of an underlying stock and the price falls below strike A, you can exercise your put to sell your position at strike price A. This is similar to a stop loss (which is free), but it guarantees the selling price, whereas a limit stop-loss may not be executed and a market stop-loss may be at an unfavorable price.

The disadvantage is that if the stock goes up, you will have reduced your potential profit by the cost of the put. This "insurance" may be worth it however.