Demystifier said:
By a cutoff. Now you will say that cutoff ruins Lorentz invariance, after which I will reply that cutoff should also be used without trajectories, so my theory is not less Lorentz invariant than standard QFT.
It is with cutoff never Lorentz invariant, and ugly, ugly, ugly...
Then you need to explain why you need Lorentz invariance in the first place to set up the equations (before you know where to introduce the cutoff) and to define renormalizability.
You also get a fine-tuning problem because the couplings must be very large or tiny and precisely matched to get quantitative agreement with experiments.
Moreover, all predictions become dependent on the precise way of defining the cutoff.
You get a whole class of mathematically ugly theories with an infinite number of adjustable constants in the cutoff prescription, none of which is favored more than any other by experiment.
The only distinguished choice is the renormalization limit, which depends for QED on 2 parameters only. And particles don't survive this limit, except asymptotically, at times ##\pm\infty##, where the scattering interpretation applies.
Demystifier said:
cutoff should also be used without trajectories
This is never done in the standard textbook treatments, which define the meaning of QED. Everything there is Lorentz invariant.