Dislikedi'm with you on NO SL trading is dumb and dangerous.
but in fact, i guess that maybe we neglect one important factor in trading.
although NO SL results in less profit than SL in mathematical sense, but in "timing" sense, NO SL might be better than SL. but how?
i guess it is the second chance???
say i have a 70% correct system, if the 1st entry is wrong, I hedged it with 2nd opposite position. using same 70% system, find another spot where one position is in profit, and the timing is good to entry. at that time, exit the profitable position...Ignored
What you do with a hedge can be replicated 100% and achieve the same result with the exception that you do not pay spread and rollover twice.
The only benefit to hedging the way this thread is describing it is to satisfy your psychology.
The feeling of "2nd chance".
The "I must never lose" feeling.
The feeling of "capture all the pips. leave no pip behind"
While I admit that having this psychological fallback is very helpful and soothing to the mind, you can also reprogram the way you look at things to include stops; although i must say that it might be harder to do for some.