Oops, forgot to answer, trading without stops is only for short trades when stock has risen considerably,worst of the case money would come back when volumes managed well. The risk with such trades gauging the uncharted territory when fresh multi year highs are made, in such cases hedging with next 2 otm calls would help.Loses only occur when a trade is not executed as planned.i normally do it but last week,i faultered by not adding shorts at 262 and not disposing my shorts at 245-248 as per plan. Just sticking to the plan could have made me 7-8 Lacs. I didnt and the stock moved up rapidly washing off all my gains. moreover i had also planned to go long above 262 or at 230,one bad decision led to getting stuck with wrong positions.Thats why i dont want to go long at this stage and get stuck with wrong positions.
if you follow intraday charts, then you`ll know exactly when to close your positions. You`ll know that stock will close below or above xyz levels so that you exit safely. Take example of Cipla, when it broke from 379.50, it did awfully bad to get over even 378 for quite good times, all signs were there that stock will break down, once below 376, it fell cats and dogs. If SL is near then monitoring intraday charts is must for good SL play.
My advice to u would be not to trade it,it goes up then shoot it and sit.Pl avoid going long,reasons already explained. Stocks like such crash without giving a chance to exit. If it goes up dont worry,it would come down.