Why not just buy shares of a multiple companies and put a tight stop loss on them?

Lately I’ve been thinking of just buying some stock in companies I believe are poised for a share price increase and then just putting a very tight stop loss on the shares.

If my timing is off I might lose like 3% or so when my stop order hits, but if my timing is correct, I can let those stocks ride and sell a few shares periodically as it goes up.

Is there any downside to this strategy other than a sudden massive drop in the stock price which could cause my stop loss order to be filled lower than the stop price (which I think is actually pretty rare).