How to use trailing stop order?

Trailing Stop function

A trailing stop order allows users to place a pre-set order at a specific percentage/fiat away from the market price when the market swings. It helps users to limit the loss and protect gains when a trade does not move in the favorable direction. When the price moves in the opposite direction by a specified percentage/fiat, the trailing stop will exit the trade at market price.

The trailing stop price moves down by a trailing percentage/fiat. A new trailing stop price will be formed
when the price moves up. The triggered price will base on the market price/last price by default.

For example:
Trailing stop order for BTC base on fiat

Step 1 – Enter a Trailing Stop Sell Order

You have purchased 1 BTC for $30,000 per share (your Average Price) and want to lock in a profit and limit your loss. You set a trailing stop order with the trailing amount $2000 below the current market price. To do this, first select Trailing Stop -Distance Type : Fiat - key in distance price and amount of BTC to sell. The trailing amount is the amount used to calculate the initial Stop Price, by which you want the limit price to trail the stop price. You submit the order.

Step 2 – Order Transmitted

You transmit your order. The current market price of BTC is $27,000 and the initial stop price is calculated as $25,000, or $27,000 – the trailing amount of $2000.

Step 3 – Market Price Rises

As soon as you submit your order, the price of BTC starts to rise and hits $29,000. The trailing stop price has adjusted accordingly and is at $27,000, or $29,000 – the $2000 trailing amount.

Step 4 – Market Price Falls

Suddenly the market price of BTC drops to $28,100. Your stop price remains at $27,000 If the market price continues to drop and touches your stop price, the trailing stop order will be triggered, and a market order to sell 1 BTC will be submitted.

Step 5 – Market Price Touches Stop Price, Market Order Submitted

The market price of BTC continues to drop and touches your stop price or $27,000. A market order to sell 1 BTC at $27,000 is submitted and filled. You have limited your loss to $3000.