For a no stop loss strategy, we will be limited to the lot size we can open every time we trade. This is because we need to determine what kind of drawdown pips we would like to be able to take. This will likely result in smaller lots being traded to cater to potential drawdown. We can take profit when we are happy with good trades, and when in drawdown, we will wait for it to recover and not take a real lost, paper loss. If it recover, and trade with small lots, then account is safe. If cannot recover, will need to continue to trade to par down the drawdown and square off the losing position.
Trading with Risk % per trade and SL value, a trader can then determine a lots size according to the 2 variables. So in each and every trade, we can know the max lost % and max profit %. Every trade is a known outcome, be it a loser or a winner, we know the limits both ends. After every trade, we can then compound up or down, depending the outcome of previous trade.
My 2 cents worth.....