Maybe I’m a riskier trader than most, but putting automatic SL’s on my positions would’ve blown out about 40% of my account by now. I’m still new, and I won’t deny it, I still have to sharpen my skills and work out the kinks, but my methods have paid off so far. So I’ll stick with them until all my profits get blown out.
Trading without stoploss while away from your computer/phone is madness for sure. But I think some people believe it’s a total absence of stoploss, while I think it’s an absence of an all-the-time-automatic stoploss. When I’m at my computer, I have the freedom to check the forex calendar, cross-reference charts, etc. So if something is moving the wrong way, I have a good idea if it’s a matter of technical, fundamental, or sentimental movement. If I believe it’s moving the wrong way hard, I’ll end the trade trade there manually. If it appears to be a move that tests support/resistance, I’m more patient/tolerant, and give that position a wider berth before I stop it out. Every time it’s tested a level, and I’ve waited, it’s recovered, because I factored in those three possibilities.
Had I stopped those out automatically, it would’ve been several not-so-ideal trades that became losses due to a lack of patience for the market. Since I didn’t stop them out, worst case scenario was taking a 3-7 pip loss. Not-so-worst case scenario was breaking even. Thank-god-god-loves-me scenario was me taking a small profit.
tl;dr Some people think absence of stoploss means being unwilling to take a loss, which is untrue. IMO absence of stoploss means you have a good idea of where a trade is going, and use a more lenient system, as opposed to a more rigid one.
Forex is speculation, it’s not something that is set in stone. You have to adapt to market conditions if you want to be profitable at it.