Entry/play: Lotto play means very small dollar size, out of the money calls, looking for a big fast move and willing to go to zero if it doesn't. Ex, this position was 6calls @.09 = $58 total.
Management: $176 looked like important level, tried to get a good entry. Wednesday buy for this Friday expiration. End of day I was down about 50%. Overnight news (equals luck) gapped the market, but my calls opened only break even. Some mid-morning news spiked everything and I got T1 (double, on half pos = 3 calls), so now I'm on free money. When it struggled with a top, I took off another 1 very near T2. Moved up stop to below volitility area and stopped the remaining 2.
Psychology: Good. The thing about the lotto is I've written off the money as I buy it, and hoping for at least a double. By definition with close expiration and out of the money, it's bound to melt fast. I like how I managed this trade especially because of the volatile spike that got me near some targets. I really hoped it would go out of the box so much stronger, but I got my piece (more than my usual % piece), and peace!
