Trailing Stops

[#1]

Sorry for the newb question but Im trying to understand trailing stop orders, and hoping someone can help.
Q1: Is the stop order updated after every transation?
Q2: If the price moves far down but very slowly will the stop order still kick in? I.e. is the stop order for a sudden movements?

Thanks.

[#2]

Q1, It does what it says, It trails by the ammount you have chosen. If you're long, it will trail up to a peak and as the price drops back it will trigger when it reaches the limit you have set. Q2, Yes. However, if the price gaps down it may bypass your limit too quickly to sell you out.

[#3]

Thank you

was also reading up the most important bit, if you go long then trailing stop loss never get set lower down again.
Think I understand it now.

[#4]

the stop order has the trigger price, and the limit price. If the price action moves past the trigger and the limit in one move - you will be in trouble - so you want those two to be sufficiently far apart. Personally, I never rely on them to kick in. I set the distance at least twice the average spread on the trade and at my absolute limit that I am prepared to lose. But I set my actual stop at a higher level - and aim to exit manually if the exit condition is triggered.