I bought 100 shares of CNXT at 1.85 a few weeks back based on a Cramer recommendation. I figured this would be a good cheap stock to start with, since I'm fairly new to trading stocks.
After watching it do nothing for weeks it finally started moving today. I currently trade with Scottrade which charges a $7 commission to buy and sell, so I figured the stock would have to go to at least 1.99 to really break even. After watching the stock go to 1.99 I tried to put in what I thought was a limit order to protect any profit I might have made.
So I did a sell stop limit at 1.99, only to log back on a couples hours after and see that it SOLD at 1.99. So I have a few questions:

1. Should I have used a trailing stop with preset points?
2. How do you guys protect your profits?
3. Does this also work in reverse to not extend losses?