You can set both a stop-loss and a take-profit on the same position, with most brokers structuring them as a one-cancels-other (OCO) pair. If one of those orders is then triggered, the other will be automatically cancelled.
This is particularly useful when setting both a stop loss and a take profit on an open position.
Should one of those orders trigger, the other will be cancelled so you can't inadvertently open another trade.
This bracket setup defines downside risk and upside target before you enter, removing emotional decisions mid-trade.
A common goal is a 2:1 or 3:1 ratio. If your stop-loss is $100, aim for $200 or $300 in potential profit. This way, you don't need to be right on every trade to come out ahead over time.