Yes, you can determine the level of profit you want to reach and loss that you can afford, and set your stop-loss and take-profit orders to reflect this.
These tools form part of a good risk management strategy. If your set stop-loss or take-profit level is reached your position will be closed.
Please be aware that in some market conditions your orders may not be executed at the level specified because of slippage. You can find out more about slippage here.
However, you can choose to add a guaranteed stop-loss to your positions, which guarantees execution at the exact level you set. To find out more about this option click here.