A lot of commentary has arisen on the stop loss issue.
Larry Williams a well renowned trader has detailed systems without stops. Although I will also mention that following the entry he may have atime deadline for the trade if it has not done as expected. IE. If not 3% up get out at open of next day trade.
Many people miss place stops and are bumped out before letting a pattern evolve there stops are too tight because they trade too big!
If you have sufficient liquidity and you trade sufficiently small and are regularly nicking 100 points for a good few years you could probably take a catastrophic hit every 3 or 4 years, where this falls apart is the human factor, few would have kept the discipline of only trading single lots after 3 years of net gains when only utilising a small percentage of their stake. You can only increase exposure in proportion to your largest possible single loss.Most are trading up to 20% hit value on stake in many rookie instances.
There is far more to money management than just stops. Liquidity, bet size, speculative nature of system, is it a high gainer of small moves or low success on big moves, correlation to other trades you may have ie. an awareness of net position.
Finally Stops are not absolute particularly in massive drop days unless you have guaranteed stops with your spread bet company or other arrangements. I have had untriggered stops when the broker has simply said trade to light you never got out, do you want out now that the market has settled a further 300 point below your original stop? Gee Thanks.
I hope all the self rightous stop Loss afficiando's all have guaranteed stops or have read their Terms and Conditions really well with their broker.
I thought It was a broadly negative and quick to mock approach to someone who was prepared to share his thinking. I hoped for a more mature and consultative approach to us all when developing as traders regardless what percieved level of any thread poster.
I use stops all the time, but come Armegeddan without gurantee's many stops may fail. Good luck with your development