Watch out is what you shout to warn somebody of sudden danger. A car coming, a step missing, something falling.
It is an immediate warning rather than general advice, which is why it is usually shouted rather than said. It takes for when the danger is named: watch out for the ice, watch out for the dog. As a standing instruction it means stay alert, so being told to watch out for pickpockets covers a whole afternoon. Look out and mind out do the same job in British English.
1phrasewatch outUsed to warn someone of immediate danger.
“Watch out — that step is loose.”
2phrasestayTo stay alert to a possible problem.
“You need to watch out for hidden charges.”
Also accepted in games: look out, be careful
watch + out
Etymology from Wiktionary, CC BY-SA
Practised in Phrasal Verbs, A Man Called Ove, Ways of Looking
First appears in chapter 11 of A Man Called Ove.
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