Yes — and you should never enter a trade without doing both. Most brokers let you set both orders on the same position using an OCO (one-cancels-the-other) structure. If price hits your stop, the take-profit cancels automatically. If price hits your target, the stop cancels automatically. No rogue orders floating around. No accidental second position.
This setup is a bracket order. It's the simplest piece of risk structure you can put in place — and it kills most of the mid-trade emotional decisions that wreck accounts.
How the OCO Bracket Setup Actually Works
The flow:
You enter long at $50
Stop-loss goes at $48 (that's your -1R)
Take-profit goes at $54 (+2R)
One order triggers → the other cancels itself
The trade resolves on its own. No babysitting the chart. No "let me just slide my stop down a few cents" at 10:47 AM when the candle looks ugly. You lock in the decisions before the emotion shows up.
The version of you doing premarket prep is smarter than the version of you watching a red candle tick against your position. A bracket order makes the smart version win every time.