Comment on Margins- 2 Exit orders for 1 position

Hi sir,
Suppose I have 1 lot of any futures. I want to know
1) As you explained we can place both target order and stop loss order simultaneously without any extra margin. Is there any preference in placing the above two orders or we can place in any sequence.
2) Suppose one order gets executed, should we manually cancel/exit the other order. Suppose I forget to cancel/exit the other order (bcos I wont be sitting in front of screen all the time ) then what will happen.

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