Yes, if you're only listening back on the same headphones.
That said, it can be done depending on your amount of persistence, eventually learning what it takes in the mix to make them translate over a wide range of systems. But this is much more difficult than mixing by more conventional means.
However, if those headphones do not adequately cover relatively the entire range of human hearing, then you won't be able to adjust things you can't hear. Bumps and dips can be compensated for if you are really used to them and know the phones very well and can offset such anomalies.
Do you have access to a wide range of systems to check translation? If not, then you'll never know unless you can somehow fix problems in the mix based on what others you trust are telling you what they're hearing. Perhaps you may not be able to hear what someone may suggest is a problem because your headphones are lacking in some area, which is very likely. In that case you will not be able to fix the issue(s).