How to protect your trading account: A brief overview
- Diversify your Passwords
Probably the simplest way to have your password stolen is by using the same combination of username and password for access to different websites, including your trading platform account. For instance, let’s suppose account A has been hacked, and the programmers got your username and secret password. They can then attempt to sign into banking features or primary emails with the details obtained.
The answer to this is to use different passwords for your various accounts or even better – utilize a password manager. That way the only password you need to remember is the one that locks the password manager itself. Password managers typically log you into your online accounts automatically, which means they not only help keep you safer, but also increase your efficiency and productivity as you use your computer because you no longer have to type your logins.
- Don’t allow remote access
We all know how helpful remote access application can be, especially when you are trying to solve an issue with your computer, but you aren’t that adept technically. It is so much easier for technical support agents to simply get access to your desktop or laptop through application such as TeamViewer, Any Desk and like and sort it our remotely for you.
Well, this however, is exactly what you should be avoiding at all costs when it comes to managing your trading account. Remember it is your money and no one should be able to access them under whatever conditions, let alone a supposed account manager, you have never met. If it is absolutely necessary for a transaction to happen this way, please make sure you are familiar with the other party and accept the risk. But really – don’t do it.
- Avoid Guidance over Instant Messages
It’s always good to receive a helping hand. That is if you asked for help from someone you know. In a dynamic world such as online trading, many suspicious individuals will try and approach you with the wrong intentions. And just to seem friendly and close to you, they might approach you through instant messaging services like WhatsApp, Messenger, Viber and the like.
While it could seem enticing to receive a secret tip or advice in a private message, you should actually disregard those. The informality may make you feel like you gain an edge by learning something few others know. However, the reality is you are probably getting exploited and will soon be asked for a deposit or an up-front amount of money, which is always concerning.
- Stay Informed
Last but not least, trading involves risk and should be done with eyes wide open. The best way to do so is to always aim to stay informed and check important trading news at least on a daily basis. This might not be helpful on a specific day, but it will create a valuable habit of always looking for relevant information and double-checking your sources.
Markets move frequently move very intensely and while it is hard to predict, which way will prices go, staying on top of the relevant news flow will help you see the bigger picture with. And when you have enough background knowledge on a certain topic or market, you might just be able to prognose fluctuations with some success!