Binance does not offer a trailing stop loss feature. This is a feature that some exchanges offer which allows a trader to set a stop-loss order that trails the price of the asset by a certain percentage or dollar amount.
NOTE: Warning: Binance does not currently offer Trailing Stop Loss orders. Any claims that it does are false and you should not rely on them. As such, please exercise caution when using any potential third-party services for Trailing Stop Loss orders and ensure that you are using a reputable service provider.
For example, if the price of an asset falls by 10%, the stop-loss order would automatically sell the asset at that price. This would limit the trader’s loss on the position to 10%.
Some traders believe that a trailing stop loss is a more effective way to limit losses on a position than a standard stop-loss order. However, Binance does not offer this feature and it is not clear if they have plans to add it in the future.