Instead of setting a stop loss at 20%, you need to be buying contracts that are worth your max loss tolerance so you're not getting stopped out or panic like a little bitch every time it dips.

For example, instead of buying a $1k contract and setting a stop loss at $800, you find yourself a contract that's $200 and let that bitch go to 0. You maximize your theta and you don't stop out. Yes, that means you can't buy higher priced stocks, but this technique alone should prevent you from betting more than you can afford to lose.

Tldr WMT 8/21 140c

Edit: this concept is too high level for some retards. The point is buy what you can afford to lose rather than setting pussy stop losses

Edit 2: this does not mean buy further OTM. It means accept that you shouldn't be trading Tesla because you can't afford to lose more than x%, instead go buy something like Walmart closer to the money and within your loss tolerance