Quoting that4moneyDislikedHi Itme,
I saw a thread regarding your concept without number of pips in calculation.
So , if a trader trades w/o stop lost , how much money can he gain ?Ignored
On the other hand, the trader without a stop loss stands a real chance of losing all of his or her capital if they take out a large position. Their risk is infinite. Without the ability to limit losses one cannot be a high performance trader, and if one tries to be a high performance trader with no stop loss (unless one is a perfect analyst all the time), one will be exterminated sooner or later.
In summary, a person who trades without a stop loss is either -
a) a perfect analyst, who is never wrong, in which case they are fine, or
b) not a perfect analyst, in which case they will either be -
i) a small winner, or
ii) a big loser