Are Stop-orders the best option to protect yourself if you're up on a stock?

Example:

I buy a stock at 0.6 and the price increases to 0.8. Should I set a stop order at 0.7 so I can get at least some profit in case it goes back 0.6 or worse? This is assuming I just want to get out of the stock completely.

Going further...

Let's say I made that stop order for 0.7 but now the stock is all the way up to 0.9. Do I have to cancel my first stop order and make a new one at like 0.8 in case it falls from .9??

I can watch the stock for 4-6 hours every day as I work evenings so does this make sense for me?

I basically want to buy a stock that I am confident will rise, and once I'm happy at a certain percentage, putting in a stop order so I can guarantee some profits as I don't want to sell right away in case it just keeps going up and up. Thanks!