What is a trailing stop order?

A trailing stop is a type of stop loss order popularly used by traders as part of their risk management strategy. It closes a previously opened position at a percentage level you specify, usually below the current market price for long positions and above it for short positions. Regardless of your position, it’s best never to set your trailing stop too close to the current market price.

For more information, including the limit and stop levels for each currency pair, click here.