I love the big financial casino and watching the whacky emotional swings is a fave pastime. I love playing, too. Trading these daze for me is NOT INVESTING...it is gambling, pure and simple.
I like out-of-the-money options because it's like playing straight-up numbers on roulette--the payoff is massive but the loss is limited to what you risk. My dad used to say that if he walked into a casino with $100 and walked out with the same, he won $100; and that is the mindset necessary for 'option roulette'.
Today's bet? A fistful of GDX MAR16 23 calls @.30 and a lesser amount of NUGT FEB16 27 calls @.40 for an adrenaline rush next week. I may add to these positions if the price declines today.