What is Difference between Stop Loss Gold Order and Trailing Stop?

A 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 gold trading price - trailing stop is updated as the gold trading price moves.

What's Stop Loss Gold Order in MT4?

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

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

What's Trailing Stop Loss Gold Order?

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

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

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