Can't remember if it was Market Call or a Fox show, but they were saying put a stop "6% above your purchase price". I've always figured it was better to put a % below the price (that is reasonable) - say 10%-20%. This would be an extra level in my eyes - that when all else fails - sell-the-sh*t to lock in at least 6% or whatever % desired.
So I would say that was similar to your stop profit. Prudent.
B
"When you have to shoot, shoot. Don't talk."
Tuco (The Good, the Bad and the Ugly)
"An umbrella with holes is better than no umbrella at all."
Dr. Alexander Elder on using stops.