What is the difference between the two loss limits?
The daily loss limit is measured from where the session opened and ends the day. The trailing drawdown is measured from your highest ever equity and ends the account.
They are independent, and confusing them is the most expensive mistake on this page.
The daily loss limit is fixed for the session. It sits a set amount under the equity the session opened on, it resets at the next session, and hitting it locks you out until then. It never ends an account at any firm that sells these.
The trailing drawdown is measured from the highest equity the account has ever reached. It only ever rises, it never resets, and hitting it ends the account permanently.
You can be shut for the day while sitting thousands above your trailing floor, and you can lose the account on the trailing floor without ever having had a day bad enough to be locked out.