If you are trading without a stop, you are playing with fire. Not because the market can move 100 ticks in a second — though it could. But because then, you haven't clearly defined your risk. And without doing that, you are likely to let your market bias keep you in a trade longer than you should be... increasing losses.
That is the kiss of death.
Just because you should have a stop doesn't mean that all stops are created equal. There are three main ways to set a stop: (1) financial — based on the amount of money that you are willing to lose; (2) static — your stops are the same for every trade; and (3) technical — you use market information to tell you when your thesis is proven wrong. Here are the pros and cons to each.
Do you want to trade our capital? Prove you can profit and manage risk today.