marcrunner,
You definitely need something to help control the feed going into a bit of this type. There is no way you can physically stop the wood from being yanked away from your hand without a fence. It is very dangerous to try.
Attached is a link to the Oak-Park catalogue page that contains their raised panel system. There is a video there. I recently purchased mine and I couldn't imagine making raised panels.
Oak-Park raised panel set up
Jack