Hedging is one of the best trading strategies where no Stop Loss is used.
One of the Hedging technique is to open opposite direction positions, so the Hedge will offset the potential losses.
Direct hedging is used in trading currency, when you can have long (buy) and short (sell) positions at a same time.
Investments funds are using Hedging technique to short (sell) the stock index futures when market sells off occurs and stock prices are falling.