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.
Continuously watching market and then cutting losses at required time is not my way of trading because I am into my regular job and only for very short period of times, I am able to trade so I am going for long term trading which never need me to watch the market continuously.
Take profit and stop loss is one of the most essential tools we must use because some of us dont want to handle too much time with their trade and just wait for the right time to reach the designated amount we set in TP and SL. Sometimes doesn't have this feature makes the trader merely focus to their trades and it consumes too much time if you didn't make it with the right trade there's a possibility you get hold until the prices reach again.