Trailing drawdown vs end-of-day drawdown
This is the difference that matters most. Trailing drawdown follows your highest balance — including unrealized gains — and never moves down. If you climb and then give back part of that gain, the limit that moved up stays there and leaves you less room.
End-of-day (EOD) drawdown only recalculates once a day, at the close. During the session, intraday swings don't move your limit. That gives the trader more breathing room within the day, as long as they close the session above the threshold.
Rule of thumb: if your operation has many intraday entries and exits, an EOD drawdown forgives the swings. If you hold positions with large floating profit, trailing can move your limit without you closing anything.