How Do You Interpret the Difference between Stop Loss Order and Trailing Stop?

How to Interpret the Difference between Stop Loss XAUUSD Order and XAUUSD Trailing Stop

A gold stop loss is set at a particular level and this level remains constant while for a trailing stop loss the stop loss level keeps moving with the change in price - trailing stop is updated as the price moves.

What is a Stop-Loss XAUUSD Order on MetaTrader 4?

A stoploss order is an order used in gold trading to close an open trade if the trade moves against the trader's position by a certain number of gold pips.

Once stoploss order is set at a specific level, this stop loss order will automatically close the open trade once the chart gets to this stop loss order price level. Stop loss order is used in gold trading money management so as to stop further losses if a trade is going against the direction of the trader's open trade position.

What is a Trailing Stop Loss Order in Gold Trading?

A trailing gold stop loss is a stop loss levels that keeps adjusting itself automatically by a set number of gold pips once the market moves in the direction of the trader's open trade position by a number of pips.

For example the trailing stop can be set at 30 pips and set to adjust itself to 30 gold pips automatically once the gold moves up by 5 or 10 gold pips. This means that this trailing stoploss order will keep trailing the price as long as the price keeps heading in the direction of the trader's open position.

This trailing stop loss will close the order once the market starts to retrace & it retraces to the level of the most recently set trailing stop loss level.

How Do I Read the Difference between Stop Loss Order and Trailing Stop