A trailing stop loss sets the stop-loss order at a fixed amount of pips above or below the market price, depending on whether the position is SELL or BUY. As long as the market is moving in your favor, the stop loss will move with it, maintaining the same locked-in pip distance from the current market rate.
For example, if you set TSL for a BUY position, the stop loss will rise with the market. This is why it's called a 'trailing' SL; as the price rises, the stop loss rises with it. However, if the market is moving in the opposite direction i.e., if the price is falling, the stop loss will not change and a close order will be submitted when the stop loss rate is reached.
You have the option to set a Trailing Stop Loss as soon as you open a trade or at any time thereafter. Every time you edit your Stop Loss manually while TSL is enabled, the pip distance between your stop loss rate and the current market rate will be updated accordingly.
Your trailing stop will rise with the price with the minimum points fluctuation in increments with your desire points you have chosen.
If at any point you decide to enable or disable trailing stop loss for an existing trade, simply right click on the terminal window on your specific order, press on trailing stop and select the points you wish to enable your trailing stop.
Please note that as per picture below it is shown on points and not pips. 10points = 1pip.
