Welcome to the wacky world of trials! You will find that things are a little different here, like our kill switches.
I would recommend using the lanyard on your left wrist. If (when) you tip the bike over onto its right side and the engine is revving to the moon, a quick jerk of your left hand away from the handlebar will stop the runaway beast.
A bit more detail: the magnet is in the red cap thing. The switch is in the black part attached to tha handlebar Neither should wear out. That said, another thing that will inevitably happen is your magnet being launched off of your wrist and into the tall weeds by the elastic strap. This is when a spare magnet waiting on the end of a convenient bolt comes in very handy (ask me how I know).
A fellow by the name of David Scarbro sells a variety of trials-related do-dads in his Etsy shop:
https://www.etsy.com/shop/MotoTrialsParts
Among them, a magnet cap that is larger in diameter than the switch base and straps that are not elastic. The former makes it easy to tip the magnet a bit and kill the engine. The latter is less likely to slingshot the magnet into your nose than the elastic strap (again, ask me how I know). There is also a gadget to make the foot on you kick stand larger.
Enjoy!
MonzaVair