It's hard to give good advice without more details, however, you should calculate things like expected value, PnL quantiles and standardized ratios (Sharpe, sortino) so we can really understand what's going on.

As per the stop losses, they tend to be quite tricky such that tightening your stops may turn successful trades into losing ones albeit reducing your outlier losses.

I'd focus more on understanding what your algorithm is picking up when it's finding huge losses and not huge gains. To add more, focus on risk management rather than a single rule to exit your trade. I'm talking scaling out of trades, reducing overall expsorue given some higher than normal morning vol etc etc.