Q: If you are “wearing” the Magic Ring can another player take it by playing Steal Something?

A: Magic Ring? What Magic Ring? I don’t see any Keepers there at all!

Once you have “put on” the Ring by picking it up off the table and putting it back into your hand (facing out) all of your Keepers are “invisible” and cannot be interacted with.

Note that someone can still get the Magic Ring by Trading Hands with you.