A stop loss is used to cut your losses and abandon a trade when you think it's time to get out. They're obviously for people who can't monitor their trades and for people who don't mind taking small losses so they can free up their money for a more profitable trade.

You said you would take a lot more losses with stop losses which may be true, but you may have made even more money not waiting for those positions to climb back out of the hole just so you could turn a loser into a very small winner.

I personally evaluate each trade I enter and set a stop loss at a point that if it drops to that number, it either won't return for a long time to be profitable for me, or will drop real fast once heading below that number.

Sometimes cutting your losses is the most profitable move you can make in the long term for your financial health. Chasing with your emotions can cause many good traders to lose it all.

In my opinion, you should always set an entry price, and a stop loss (whether manually in your head or an actual stop loss order). With these two numbers, combined with the amount of money you're willing to lose in a trade if it goes wrong, you can do the math to figure out how much you should really be investing per trade.