Say I bought a stock @ $100. According to my exit profit strategy, I'd want to sell it @ $150 so I could make a stop order @ $150 (correct me if that's wrong). But if I also want an exit loss strategy in case the stock falls below say $90, could I also make a stop order @ $90 and have these two orders active (GTC) simultaneously, with the other expiring whenever the first one is fulfilled?
If your broker offers it, since you own the stock, you could accomplish this with a one-cancels-the-other order:
... a pair of conditional orders stipulating that if one order executes, then the other order is automatically canceled. An OCO order often combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled.
If you do not own the stock and your brokers offers it, you could use a Bracketed buy order
... a buy order that has a sell limit order and a sell stop order attached. The sell limit order gets priced above the buy order and the sell stop order, or stop-loss order, gets priced below the buy order. These three-component orders are set at a price determined by the investor, typically when the order is entered. This type of order allows investors to lock in profits with an upside movement and prevents a downside loss, without having to monitor the position continually.