Locks are made for honest people.
If the trailer is to be left in an unattended location, and somebody wants it, it will be gone. The better option is to keep it in an area where it can be seen, with people around it, and then locked up.
Best suggestion I have heard is forget the hitch, run a couple of serious chains thru the rim holes and use huge locks. Given enough time, even then, all they have to do is bring their own tires and rims, jack it up, remove your wheels, put a couple of lugnuts on theirs, slide all your chains/wheels out from under the trailer, throw them on top of the trailer and head down the road with it. Once they get to where they are going, cut the chains, and put your good tires/wheels back on it and they are in the trailer business.
We had a moving/storage place across the way from us, passed there 25' or so b/p trailer every day. One night saw a Chevy Impala parked in front of it, didn't think anything about it. They left, came back. Got curious, and walked over there, as the car pulled out with the trailer. They had fashioned a piece of flatbar to raise the ball up high enough to get the trailer off the ground and not drag, as the car hitch was way to low for this big of a trailer. I ran back inside and tried to call the moving company, but got their voicemail. So I called the police, who took FOREVER to get there. Yep, stolen trailer, to the best of my knowledge, was never found (I never saw it there again). The two guys with the Impala wanted that trailer badly, and did what it took to get it. According to some of the employees, there was a lock on the tongue, and two chains thru the wheels, crossed under the trailer so both would have to have been cut to move the trailer. The reason I figure I didn't see the guys around the Impala when I first came to work, was they were probably under the trailer with a big pair of bolt cutters, or some other method of cutting, such as a hacksaw, (didn't see any torch hoses) but a Plumbers torch set could have been used. Even liguid Nitrogen could work if they have the resourses.
Bottom line, even in a reasonably traveled area, if they want it, somebody can and will get it. Add it to your insurance rider on your truck.
David from jax