We calculate the daily loss limit based on the previous day's end of day balance. The daily loss limit resets at 5PM EST each day.
For example, for an Audition with a 5% daily loss limit, if your prior day's end of day balance was $100,000, your account would breach when your equity reached $95,000 that day.
Additionally, because we base the daily stop loss level on a %, and not a fixed $ amount, the more money you make in your account the wider your daily stop loss is. For example, on an account with a 5% daily loss limit, if you start with a $100,000 balance and grow that account to $110,000 balance, your daily stop out level is now $5,500 vs. $5,000.
Please Note: All accounts are subject to the rules regarding daily loss limits and virtal max trailing drawdowns that were in effect at the time of purchase. Any changes to those rules made after the time of purchase will not apply retroactively.