Hi Petko,
Good question! The max Daily loss is the max draw down during a trading session. When the daily draw down was getting close to the Daily loss limit I quite trading for the day so I wouldn’t go pass the max loss amount. On the next trading day the Daily loss is reset to zero so you again have a max daily drawdown limit of $500. Max Loss is the the max loss below the initial starting balance of the account. Hope this helps!