How Do You Interpret the Difference between Stop Loss Gold Order and Gold 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 gold trailing stop loss the stop loss level keeps moving with the change in xauusd price - trailing stop is updated as the xauusd 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 gold trade if the gold 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 gold trade once the gold chart gets to this stop loss order xauusd price level. Stop loss gold order is used in gold trading money management so as to prevent further losses if a trade is going against the direction of the trader's open gold trade position.

What is a Trailing Stop Loss Gold 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 xauusd 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 xauusd price as long as the price keeps heading in the direction of the trader's open position.

This trailing stoploss will close the order once the xauusd market starts to retrace and it retraces to the level of the most recent set trailing stop loss level.

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