What is a trailing stop and how do I use it?

A trailing stop will automatically move to lock in profit, if the market moves in your favour by a certain amount. When specifying this type of stop, you need to enter a stop value as well as the step value, which is the number of points the market must move in your favour before the stop is triggered.

For example, if you set a stop six points away and a stop ten points away, then every time the market moves ten points in your favour, your stop will automatically move with it, remaining six points away from your new position.