The essence of limit (order) is to buy or sell at pre-set or better price. The BUY limit order (limit order to buy) will be implemented at the specified limit price or lower (better) level. In contrast, the SELL limit order will be implemented at the specified limit price or higher (better).
In case of a market (price) order, the offer will be implemented at the best price at certain the time on the market. A Market price Buy order will be carried out on the best selling price in the Order Book, and in the case of market Sell Order, the order of the highest price buyers will be the relevant.
Placing an order in a way that after its activation it won't be implemented at market price but on the specified "Limit" price, or better.
When reaching the Stop price (at Buy order, when exceeding the Stop price, or at Sell order, when decreasing the Stop price, the Stop-loss order will be marketed as a market order in the Order Book and will be able for immediate pairing.
At a defined distance, it follows the market price towards profit, but ONLY in the same direction so if the market price turns backward, then the distance between the stop and the market price drops until the market reaches the stop price.
The Sell Trailing stop-limit moves with the market price and constantly recalculates the stop price with a pre-set amount below the market price based on the user-defined "distance". The limit price is also continuously recalculated with the limit correction. If the market price rises, both the stop price and the limit price rise with the distance. However, if the exchange rate falls, the stop price remains unchanged, and when the stop price reaches the limit price, it will not be recalculated. The Buy Trailing-stop is the mirror of this definition.