I love reading nonfiction. But, as I am sure you can relate, I only have limited time. Even if we were able to make enough time to read one book a week on average—certainly not the case for me right now—we would still only be able to read around 3,000 books in our entire adult lives. At my current pace, the real number will likely end up being far lower.
But isn’t there a strong financial incentive to try to understand why you’re doing what you’re doing, whether it’s an algorithm or a human executing the trades? Otherwise it seems very easy to lose a lot of money. I can't find the article, however a guy once drop a million in bitcoin using a trading bot on a short sale.
There's typically multiple layers (at different points between tick to an order hitting an exchange) of risk-management/circuit-breakers that prevent these types of things from happening at most shops that know what they're doing. No one wants a repeat of Knight Capital's 2012 meltdown.
I would imagine it may be easy for an unsophisticated/hobby "algo-trader" to make this type of mistake but with over a million in capital, you should probably be a bit more prudent with risk management.
The best defense is a good offense. That means taking your time and examining the message fully before taking any actions. Does the from address match what you're expecting? Does the message create a curious sense of urgency, fear, or authority, almost demanding you do something? If so, those are the messages to be suspicious of, and the ones most likely to result in compromised accounts. This is why I never open links directly from an email.
You could explain this over and over to my 65 year old parents, they still would fall for it. They're far from dumb, it's just that it's a lot of information of to handle.
One solution is to set up a free lastpass account, change all the passwords to something random and only use autofill. They have to go out of their way to enter the password into another domain
Sucks if they want to log in using a new or borrowed device
I've got my mom using an iPad which also reduces the attack surface, not to mention it's pretty hard for her to screw up the device on her own. I haven't had to help with anything computer related in about 4 years.
The best defense is to manually enter the url of the domain you need to log on to and log on from there. Never follow links, that what will get you in trouble.
