How to protect your trading account: 4 Main Rules
Choose a Unique Password
The easiest way to get your password cracked is by choosing a simple password for your trading account and even worse, using the same password for different log ins. For example, if one of your accounts has been hacked and your password has been obtained, other accounts with this password may also be in danger.
That’s why you should aim to create different passwords for your different accounts. Also try and include both letters and numbers in your password and even symbols if possible. Another solution is to look for a password manager – these tools are extremely convenient if you have numerous accounts you log in to daily.
Avoid giving remote access to your PC
Make sure you never allow remote access to your desktop computer or laptop through applications like Team Viewer, Any Desk and others. No one should be able to have this access to your trading account, let alone a completely stranger. 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.
Don’t talk trading over Instant Messaging Applications
Always use official means of communication like a registered e-mail address or a telephone number. It’s always good to receive a helping hand, but 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.
Trading involves risk, and you should be aware of this completely. The most natural way to do so is to always try to be up to date on how markets are moving. 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 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. And when you have enough background knowledge on a certain topic or market, you might just be able to prognose fluctuations successfully!