Please see the video below on how to use trailing stops.
A Trailing Stop is a special trade order that disallows the setting of the stop-loss price as a single absolute dollar amount but allows the setting of the value as a percentage usually below the market price. The percentage value helps to track the securities price direction automatically and does not require any manual reset.
A trailing stop limit order refers to a sell trailing stop limit that moves with the market price and recalculates the stop trigger continuously at a fixed amount which is below the market price. This is usually based on a user-defined trailing amount.
On the other hand, a trailing stop loss order refers to an order that involves the buying and selling of securities when they move in an unfavorable direction. This value is automatically adjusted according to the current market price of a security.
As a result, the investor or trader is provided with greater flexibility finally profiting or limiting a loss.
For more information on Trailing Stops and how they're used, please visit this link here: https://www.warriortrading.com/trailing-stop-definition-day-trading-terminology/
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