Stop loss is necessary to prevent losses while you do trading. But once you HODL, you don’t really need to set up a stop loss because you are watching the coin.
I never use stop loss, because I always pay attention to the trade that is being made, if there is a drastic decline in the market for the coin being traded, you can immediately CL
I am also not using stoploss orders but I am not into active trading but I am a mid and long term based trader.
Sometimes I go for short term trading but when market is going against my prediction then I will simply convert my short term trading to long time holding this way also I am not going for stop loss order.