Trailing stop loss

I'm kind of new to to crypto, but I couldn't understand the trailing Stop loss in Binance, have the following questions if someone could help me out it would be helpful.

1) like all other order should we need to have already long ongoing for sell trailing Stop loss to work and vice versa

2) Ex: if I buy something 100 $, if I put trailing stoploss as 100 call back ratio is 5 percent, so now it got triggered and Stop loss is 95 then if it goes to 105 then Stop loss moves to 100?

This is what I understood but I don't think it's correct, If someone could explain the above or exact steps it would be extremely helpful.

Thanks in Advance :)