Absolutely, it's important to assess your own needs and if you think moving to another opportunity is going to net a better return despite some loss from this one, then do it.
I don't use stop losses unless I want to strategically reduce my exposure. With GXL I'm committed and patient. I have my limits though, and will watch the movements carefully.
GXL Price at posting:
$5.22 Sentiment: Buy Disclosure: Held