Stops Loss orders and Trailing Stops are a great way to reduce the impact of a potential loss, or have a stop automatically move up as the stock value moves up in price. Each of these methods are shown in the below video.
Below is an image on how you will want a trailing stop of 10 cents to increase every 5 cents the stock moves.
The trail increment is amount the stock needs to move to trigger the trail amount to move.
In this case if the stock moves 5 cents the stop loss will then jump 5 cents closer to the current price.
A trailing stop implemented at 3.00 will be set at 2.90 and will stay there until the price reaches 3.05. then the stop will move up to 3.00.
If you do not select the trail increment, it will update on every price increase of once cent.
If you want to learn how to use a trailing stop in a trade ticket you can follow the guide Here.
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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