Trailing stop or Limit order?

Which is best? Or which one is best to use under which circumstances?

Also, does a Trailing stop automatically renew itself each time it hits its target? For example, if I set a 10 pip Trailing stop of USD/EUR for 1.30, and the pair reaches 1.45, does the Trailing stop then reset itself to 1.40? (and so on and so on...) Basically, I'm asking if Trailing stops automatically "ride profits," or do they have to be continuously reset?

I have tried to use trailing stops in the past, but I ended up missing out on major profits when the pair rebounded. I always use limits though, just to automate exit points due to not having the time to watch the market all day

I use both! And the trailing stop is my bread and butter. I manually updated it. I tried letting my broker automatically trail the stop for me, but the control was too coarse and didn't work to my satisfaction. As to when to use trailing stops and/or limit orders: that will vary from one system to the next. There is no general rule for using either.

Dial