Is there a way to use a trailing stop after my initial trade has been placed in order to prevent a losing trade?
What do you mean? The whole point of it is to reduce loss?
Many brokers offer ‘trailing stops’ where you trade goes into profit and you can set your stop to say -30 pips, the stop keeps following up with the trade.
Many traders dislike this tool - they prefer to set their stop in accordance with price action or their rules on risk etc. others use it regularily - find a demo a/c to try it out.
Trailing stop loss can sometimes be irritating(resulting in missed profits).You can manually move your stop loss accordingly once the price keeps going in your favour.
My experience with trailing stops is that they are generally counter productive.
It’s fine to move your stop loss up to break even once you’re significantly in profit, but if you trail it narrowly you will end up being less profitable in my opinion.
Keep in mind that your broker might offer so-called client TS - it means that your order won’t be count if you close your trading terminal.