Both types of stop loss orders are used to prevent massive financial loss from the transaction.
Fixed stop loss is triggered when the price drops (or rises if you are short) to the certain dollar amount (to $100 for example). Trailing stop loss is triggered when the price drops (rises if short) by certain dollar amount (by $10 for example) or certain percentage (by 2% for example).
When just opened a position I prefer to set a fixed stop loss just a bit below the support line (or resistance of I’m shorting the stock) to protect me in case the stock breaks through and enters free fall (or shoots up in short squeeze when I’m shorting).
If the trade goes well and I’m in profit, I will move the fixed stop loss price to my entry price (= cost), so that if the trade turns against me, worse case scenario I’ll break even.
If the trade continues to run in my favor, I will replace my fixed stop loss order with the trailing stop (sell if falls by 2% - determine the % based on current price fluctuation- just a bit more than the organic move) to let my winner run till it doesn’t.
P.S.: if your account is a subject to PDT rule, stop loss order (if filled) still counts as a day trade if you opened the position today, so watch out for that
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NIO
SOLO
TSLA
LI Auto

can someone suggest other stocks similar to NIO