I've done it this way for the whole 15+ years I've been playing and producing music. The problem is, I learned by ear (which seems to be a valued skill), but I can't for the life of me tell you which chord I just played or communicate effectively with more classically trained musicians.

This has led me to start learning music theory myself, as there is definitely value in the 'by-the-book' method as well. I believe the combination of both by-ear, and by-theory can increase the possibilities of composition. However I have also seen classically trained musicians not willing to step outside of the box because of the classical music theory mindset, too.