Typically, I'd only do 2-3. Doesn't really matter how many you do. It all depends on certain things; like your tolerance for loss, how aggressive you're willing to be, etc. Managing the time you're exposed to them is what's important. If you're playing the catalysts, it's best to get in early and hedge as the date gets closer so there's at least a chance of you breaking even if things go tits up.
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