I would offer that you should review/revise rule #1. Rule #1 should be SELL if you're down 10%, rule #2 is let winner run until they stop running. I'm up 18% here in only 8 days. Look at the chart and you'll see there's plenty of room to run to 5.50. I really don't understand how you can make any real money by selling at 10%? How do you offset losers? Not every pick goes up.
IMO, a stop order will simply rob you of your shares some day. When investing in tiny, thinly traded biotech, pick a good company and hold until a certain goal. Otherwise, it is too easy for a large investor to drive down the price and scoop up your shares - not that any such investors are here, yet.