A trailing stop-loss order is a type of stop-loss order that adjusts automatically as the price of the asset moves in your favor. Instead of setting a fixed price at which to exit a losing trade, you set a "trailing" distance, either as a percentage or a fixed amount.

Here's how it works:

Going Long: If you open a long position and set a trailing stop loss of 2% below the current price, the stop-loss price will move up as the asset's price increases. If the price rises by 5%, your stop loss will also rise by 5% from your initial entry price (or remain 2% below the new high)

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