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Some people use the tool "Parabolic SAR" as a stop/loss tool, together with the ATR volatility of the chart. Depending on the volatility, they'll place their stop / loss order right above the days Parabolic SAR point. Then when their trade is twice or three times what they've risked, they take their profit, regardless of the trade.
But yes, you can use a stop / loss order to lock in profits.
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