What is the difference between a trailing stop and a trailing stop limit order?

@aidan.jacobs 

A trailing stop order is an order type that automatically adjusts the stop price as the market price of a security moves in a favorable direction. It is designed to protect profits by enabling investors to secure a specific percentage or dollar amount of profit, while also allowing room for the asset price to increase.

On the other hand, a trailing stop limit order is a similar order type, but with an additional limit condition. In this case, the stop price will trail the market price as long as the market moves in a favorable direction. However, once the stop price is reached, a limit order is created to sell the asset at the specified limit price or better. If the limit price cannot be achieved, the order will not be executed.

In summary, the key difference is that a trailing stop order automatically converts into a market order once the stop price is reached, while a trailing stop limit order converts into a limit order with a specified price or better at the stop price.