Trailing Stop Sell: When to use it?

I'm trying to understand the right strategy for setting sells with Trailing Stop. Since taxes would be owed on any sales, I'm currently not setting this for any stock I prefer to hold longer term, or ETFs, since I don't want to be in a situation where they go down enough to trigger, then I pay taxes, only to buy them back and not much lower than what they sold for. However other things like MU or SPCE seem like good candidates, since I don't expect to hold them for that long and they seem like t