In this video we will walk through how to enter an order using the Trailing Stop Limit order type. The Trailing Stop Limit order works with U.S equities, options, futures, FOPS, Warrants as well as Forex and certain non-US products. A trailing stop limit order is designed to allow the investor to set a limit on the maximum possible loss without setting a limit on the maximum possible gain. Typically, Stop orders become market orders when touched. However, the Trailing Stop Limit order becomes a limit order when the stop price is touched, meaning that it doesn’t automatically execute immediately.
在本视频中，我们将演示如何使用“追踪止损限价单”类型下单。“追踪止损限价单”适用于美国股票、期权、期货、FOPS、权证以及外汇和某些非美国产品。追踪止损限价单旨在允许投资者限制最大可能损失，但不限制最大可能收益。通常情况下，止损单在触及市价后会变为市价单。然而，追踪止损限价单在触及止损价后会变为限价单，这意味着它不会立即自动执行。

For a long stock position for example, a sell trailing stop limit order sets the stop price at a fixed amount below the market price with an attached “trailing” amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price does not change, and a limit order is submitted when the stop price is hit.
以股票多头仓位为例，卖出追踪止损限价单会将止损价设定为低于市价的固定金额，并附加“追踪”金额。随着市价上涨，止损价会上涨追踪金额；但如果股价下跌，止损价则保持不变，当止损价被触发时，才会提交限价单。

Before entering a trailing stop limit sell order in the Mosaic Order Entry Panel,  let’s define the component pieces of the order.
在魔方订单输入面板中输入追踪止损限价卖单之前，让我们先定义一下订单的组成部分。

Cost Basis – Original entry price(s)the investor paid to own the stock multiplied by the position.
成本基础——投资者为持有股票而支付的原始入场价格乘以持仓量。

Current Price – Live market price of the underlying stock.
当前价格——标的股票的实时市场价格。

Stop Price The price at which the order will be triggered.
止损价 订单被触发的价格。

Limit Price – The specified price an investor is willing to trade a contract. For sell orders the investor will sell at the limit price or higher and for buy orders they will pay the limit price or lower.
限价 – 投资者愿意交易合约的指定价格。对于卖单，投资者将以限价或更高价格卖出；对于买单，投资者将以限价或更低价格支付。

Trailing Amount – The trail amount defines the stop price and ‘trails’ the current price to the upside for a sell stop, and to the downside for a buy stop. In the case of a trailing limit sell stop, the stop and limit prices will remain intact should the share price decline rather than increase, ensuring that the maximum potential loss is never greater than initially designed. However, should the share price rise, as the investor hopes it would, for a trailing limit stop price, the trailing amount will shadow the current price by the amount of the trail lifting the Stop and Stop Limit price with it.
追踪金额 – 追踪金额定义了止损价，卖出止损时追踪当前价格向上移动，买入止损时追踪当前价格向下移动。对于追踪限价卖出止损，即使股价下跌而非上涨，止损价和限价也将保持不变，确保最大潜在损失不会超过最初设定的金额。但是，如果股价如投资者所愿上涨，对于追踪限价止损价，追踪金额将跟随当前价格，幅度等于追踪金额，止损价和止损限价也将随之上涨。

Let’s walk through a few scenarios. The investor originally purchased 100 shares of Stock ABC for $85 a share. Currently, the last traded price is $100, and the investor is looking to exit the position using a Trailing Stop Limit Order. They set the trail to $1 and the STP to $97 and the limit to $95, $2 below the stop price:
我们来看几个场景。投资者最初以每股 85 美元的价格买入 100 股 ABC 股票。目前，最新成交价为 100 美元，投资者希望使用追踪止损限价单平仓。他将追踪价设置为 1 美元，止损价设置为 97 美元，限价设置为 95 美元，比止损价低 2 美元：

Example 1  示例 1

The stock rises to $115, the new STP price becomes $114, and the limit will adjust to $112. The order will be triggered if the stock price falls to $114 with a limit price of $112. Stock then begins to fall below $114 triggering the order and is eventually filled at $112 when the Stop Limit price is reached.
股价上涨至 115 美元，新的 STP 价格变为 114 美元，限价将调整为 112 美元。如果股价跌至 114 美元，限价为 112 美元，则订单将被触发。随后，股价开始跌破 114 美元，触发订单，最终在达到止损限价 112 美元时成交。

Example 2  示例 2

This time stock ABC begins to fall from its $115 high to $113, triggering the order but instead of reaching $112 stock ABC reverses course and rises to $120. The new stop price becomes $119, and the new limit will be $117. If stock continues to rise the Stop and Limit prices will rise along with it setting a higher exit price if the stock begins to fall.
这次，股票 ABC 从 115 美元的高点开始下跌至 113 美元，触发了订单，但 ABC 的股价并未跌至 112 美元，而是反转上涨至 120 美元。新的止损价为 119 美元，新的限价为 117 美元。如果股价继续上涨，止损价和限价也会随之上涨，并在股价开始下跌时设定更高的平仓价。

Example 3  示例 3

Stock ABC begins to fall immediately after the order is entered, the ordered is triggered when the stock goes to $97, if stock ABC continues to fall the order will be filled at $95, if stock ABC begins to rise the Stop Limit price will adjust accordingly.
股票 ABC 在下单后立即开始下跌，当股票价格达到 97 美元时触发订单，如果股票 ABC 继续下跌，订单将以 95 美元成交，如果股票 ABC 开始上涨，止损限价将相应调整。

While a Trailing Stop Limit order can be used for an opening or closing trade, investors may find it especially useful when closing out a position.
虽然追踪止损限价单可用于开仓或平仓交易，但投资者可能会发现它在平仓时特别有用。

• The investor can locate current positions in the Portfolio tab of the monitor screen.
  投资者可以在监控屏幕的投资组合选项卡中找到当前头寸。
• Hover the cursor over the symbol, click on the mouse and choose “Close” to populate the order entry panel.
  将光标悬停在符号上，单击鼠标并选择“关闭”以填充订单输入面板。
• If the investor would like to close part of the position they can scroll down in the drop-down box, select trade, and choose the percentage they would like to close. This will populate the Order Entry panel with the correct symbol, side, and position size.
  如果投资者想要部分平仓，可以向下滚动下拉框，选择“交易”，然后选择想要平仓的百分比。这将在“订单输入”面板中显示正确的代码、交易方向和仓位规模。
• In the order type drop down box scroll down and select “Trail Limit”.
  在订单类型下拉框中向下滚动并选择“Trail Limit”。
• This will change the price box to show LMT and you will also now see two additional boxes appear alongside: the STP input field and the Trail input field next to it.
  这将改变价格框以显示 LMT，并且您还将看到旁边出现两个附加框：STP 输入字段和旁边的 Trail 输入字段。
• You can set the Trail amount to be either a dollar amount or a % of the current price. In this example we will use the absolute dollar amount.
  您可以将追踪金额设置为美元金额或当前价格的百分比。在本例中，我们将使用绝对美元金额。
• The trailing amount will recalculate the stop price is based on the last traded price at the time of the order and tracks it throughout the lifetime of the order if stock moves in the favor of the investor.
  如果股票走势有利于投资者，则追踪金额将重新计算止损价，止损价基于订单时的最后交易价，并在订单的整个有效期内跟踪该价格。
• We will set the Trailing amount to 5 cents by clicking on the price and typing in .05 or scrolling to it.
  我们将通过点击价格并输入 .05 或滚动到该位置将尾随金额设置为 5 美分。
• Now enter a stop price below the current bid price.
  现在输入低于当前买入价的止损价。
• Remember with a trailing stop limit the stop price will adjust accordingly if the market goes in your favor but will never adjust to cause more than the maximum possible loss you initially define.
  请记住，如果市场对您有利，追踪止损限价将相应调整，但绝不会造成超过您最初定义的最大可能损失。
• We will also set the Limit price.
  我们还将设定限价。
• Once the limit price is set, the limit offset is calculated by the difference between the Stop price and the limit price, if the stock moves in your favor a limit offset be used to determine the new limit price once the stop price is triggered.
  一旦设定了限价，限价偏移量将通过止损价和限价之间的差额来计算，如果股票走势对您有利，则一旦触发止损价，将使用限价偏移量来确定新的限价。