There is a HUGE difference between not using a stop loss and having a catastrophic, “absolute line in the sand,” stop loss where you will finally let the trade be taken out with a loss.
I agree with this 100% my trades rarely hit my stop. I day trade most of my trades last a minutes to a few hrs. I try to close out my trades when I am not going to have access to my computer. I always use a catastrophic stop when I am at the screen or at least keeping an eye on things.
When I do decide to let a trade run when I am not going to watch it usually involves reducing the size of the trade and at this point I will try to pick TP and SL levels based on S/R. Often when I let a trade run I am just trying to get back to BE and save a trade . Sometimes I set TP at a loss just trying to get out at the best level:D.
The real important thing to get from this whole thread is the importance of managing loss. If you want to maintain growth in your account this is very important. Taking a loss is part of trading a hard part for some I hate it! You have to do it sometimes. My strat at times will let me take a big loss it sucks when it happens but I know I will make it back if I stick to my plan.