So I listened and in part I do agree, I say in part because as he say and presumes that the trader understands where the market is going and because of this there is no need for SL to ruin your trade before its time.
As I said I agree in part and that is the catch especially for new traders that do not have a good understand of the macroeconomics of the majors and the interaction.
And of course if you disregard the SL usage then you risk is sole based on your equity, all of your equity.
However there is another way to skin this cat.
when a trade is entered use a wide SL to allow your trade to breath, when the trade moves profitable either remove the SL, move it to break even or maybe just put on a trailing SL onvec the trade is in profit.