While I have never used stop-losses in my years of investing, I do still like your strategy here SFW, in that you will limit the loss, unless they call a trading halt or trading suspension followed by a profit guidance downgrade, in which case I expect ANG will fall through 20c and land somewhere below it (when they recommence trading). Stop-losses don't work in those circumstances. They can still get you out, but the loss might not be as limited as planned.

You make a good point about skin in the game also. All of my high conviction stocks do currently have management and/or board members with significant skin in the game. Many are those are also substantial holders, so own over 5% of the company. Founder-led companies where the founder/founders still have most of their personal wealth tied up in that company via share ownership is usually very positive, and I have found it to be a pretty good indication that management will usually act in the best interests of shareholders. That part also has me worried - about ANG.

I also understand that we shouldn't always be jumping at shadows. However recent history has taught us that shadows are often caused by things that aren't very friendly. Recent CFO walk-outs include RCR Tomlinson (now suspended from trading and in Administration), EXP (Experience Co, formerly Skydive the Beach), Homeloans Group (now renamed Resimac Group, ASX: RMC), and Tempo (TPP) in June - with half the board following him more recently.

It doesn't always signal an imminent collapse. In May this year, the CFO of CBA quit with immediate effect to go and run crypto-currency company Block.one based out of Hong Kong, and CBA are rather unlikely to be going broke any time soon. Last year we saw the Lovisa (LOV) CFO quit with 4 days notice in September, but LOV still managed to rise by around 150% from around the $5 mark then to around $12.50 in mid-June this year. They are down to $7.33 now, but still higher than when their CFO walked. My point is just that it CAN be a red flag, and with the recent RCR experience burned deeply into my memory, it certainly does cause me to pause and reflect these days.

Therefore, I would say that your method certainly has merit, and I don't have an alternative suggestion that I think is clearly superior.

It's a plan, and I think in cases like this, we do need a plan. Everybody will have to formulate their own plans of course, depending on their loss-aversion or loss-tolerance, risk tolerance, personal circumstances (especially financial circumstances), and of course their level of conviction in the company. I had a very high conviction in RCR before the first trading halt and trading suspension - before their MD & CEO Dr. Paul Dalgleish walked. I sold all my RCR shares on the day they recommenced trading, and I'm very glad I did. If I had kept any, I would certainly have sold them when they announced that their CFO had walked as well, AFTER the successful capital raising. But my conviction in RCR was already well and truly shattered by then. That's why I had already sold all my RCR shares.

Conviction, or gut feeling, intuition, call it what you will; if it has worked for you in the past, use it again; if it hasn't, perhaps best to err on the side of caution and step aside (out of play, onto the sidelines, i.e. sell). That's more my usual plan. It usually works out OK, but certainly not always. But that's me. I think your plan is a good one StrongFlatWite.