Your Cut Out & Keep Guide To Correct Exposure 
Exposure is controlled by three things, Aperture, Shutter Speed and ISO.
ApertureAperture is written as f/4, f/5.6, f/8 etc with the f standing for focal length. So f/4, for example, litterally means focal length divided by 4. But what does that mean? Aperture controls two things, it sets the size of the iris in the lens (much like the human eye) which therefore controls the amount of light passing through the lens i.e. a big iris lets in a lot of light whereas a small iris lets in less light. Confusingly the larger the number the smaller the iris (because you are dividing the focal length) therefore f/22 is very small but f/2.8 is very large. What Aperture also does is control depth of field. With a small aperture (f/22) the depth of field, i.e. the amount of the image that is in focus front to back, is very great but at f/2.8 the depth of field is very small. To put this into context you might use an aperture of f/5.6 for a portrait of someone so that the background is knocked out of focus whereas for a landscape shot where you want everything in the scene to be in focus you might choose an aperture of f/16 or smaller.
Shutter SpeedAperture controls the amount of light that can pass through the lens, the shutter speed then controls how long that light is allowed to hit the sensor or film. Shutter speeds are written as a fraction of time e.g. 1/125th, 1/30th etc before going into seconds 1", 10" etc. The longer the shutter is open (the slower the shutter speed) the longer the light is able to hit the sensor. This is great if you are shooting in low light or with a very small aperture as light needs to hit the sensor for longer in order for an image to be recorded at the correct exposure. This is fine for static objects but for moving objects it's a problem as the slower the shutter speed the more chance there is that they subject will hvae moved before the shutter closes again resulting in blur. The same problem exists when you hand hold your camera except that it is not the subject that is moving and causing the blur but you. To avoid this you should always try to use a shutter speed greater than your focal length. In other words if you are shooting at 100mm you should use a shutter speed of at least 1/125th.
ISOAperture controls the amount of light passing through the lens, shutter speed controls the amount of time that light is able to hit the sensor and ISO controls how sensitive the sensor is to that light. The higher the number the more sensitive the sensor is to light. The way this works is that the electrical current passing through the sensor is amplified. The amplification makes the sensor more sensitive but it also generates noise.
So what does this all mean?
The one governing thing between shutter speed, aperture and ISO is that the difference between any one value e.g. ISO 100 - 200, Shutter speed 1/60th - 1/125th, Aperture f/2.8 - f/4 is one stop of light.
Therefore lets say in Aperture priority your camera tells you to use the following for a correctly exposed image:
ISO 100 f/4 @ 1/125th
You could switch to Manual and use any of the following settings and still end up with a correctly exposed image
ISO 200 f/5.6 @ 1/125th
ISO 200 f/4 @ 1/250th
ISO 100 f/2.8@ 1/250th
ISO 100 f/5.6 @ 1/60th
In the first one I've made the sensor more sensitive to light so I've kept the shutter speed the same but used a smaller aperture
In the second I've made the sensor more sensitive to light kept the aperture the same but sped the shutter speed to compensate for the extra sensitivity of the sensor
In the 3rd I've kept the ISO the same but used a larger aperture which means that I need to use a faster shutter speed to control the increased amount of light entering the lens
In the 4th I've used the same ISO, but used a smaller aperture which means I need a slower shutter speed in order to let the smaller amount of light hit the sensor for longer.
As hopefully you can see there is no such thing as one correct exposure. Instead you should use the exposure that gives you the effect you want. Therefore if you want shallow depth of field (background out of focus) you should use a large aperture but then counter balance that with a fast shutter speed and/or increase the sensor sensitivity. If you want lots of depth of field than you should use a small aperture but counter balance that with a long shutter speed and/or a high ISO.
So what do you need for light trails?
Light trails are caused by the subject moving whilst the shutter is open so this means that you need to use slow shutter speeds. How slow will depend on how bright the light is, how fast the object is moving and how long you want the light trails to be. The thing to remember is that the longer the shutter is open the more light is going to hit the sensor so you want to set the lowest ISO you can, typically 100 as this means that the camera is the least sensitive it can be to light. Whether you now set aperture or shutter speed will depend on whether you need to have a shallow depth of field or not. If you do then you are going to have to set a large aperture which will force you to use a faster shutter speed which is the opposite of what you want. Setting a small aperture will let you use a longer shutter speed and the smaller the shutter aperture the longer a shutter speed you can use. But what if even at the smallest aperture your shutter speed is still too fast for light trails (more than likely during the day) or what if you want a shallow depth of field but your shutter speed is too fast? In situations like this using a slow shutter speed will just result in an over exposed or completely white photo. You can't make the sensor any less sensitive to light, you can't use a slower shutter speed and you can't use a smaller aperture so what do you do? You use a Neutral Density Filter (ND). An ND filter is a grey piece of glass that you put in front of your lens that reduces the brightness of the light entering the lens thus allowing you to use larger apertures and /or slower shutter speeds. ND filters come in different strengths from reducing the amount of light by 1,2,or 3 stops. You can also stack ND filters together to reduce the amount of light even further. If you want light trails in daylight this is pretty much your only option.
It should also be pointed out that you can also buy Graduated Neutral Density filters (GND) which are grey at the top and graduate out to clear glass at the bottom. The purpose of these filters is to even out the exposure between the sky and the land so as to avoid white sky's when shooting landscapes for example. The reason for this is simply, the sky is a lot brighter than the land and digital only has a small amount of latitude (the amount of difference it can cope with between highlights and lowlights) and usually anything beyond 2 stop difference between sky and land is too much for it to cope with and you'll just get white sky or black land. A GND will dull the sky bringing the sky exposure within the range of the land allowing you to get a more even exposure and retain detail in both land and sky.
HTH