Hi Dave,
I am not a hundred percent sure about what exactly are you displaying in your picture. But whatever it be the first problem I see is that it is not attached to the lens by any thread, nor there is any kind of warning color saying you "cap attached-don't shoot".
The best way to solve both problems in a single strike is to look for an elastic thick red thread. You can perforate a border of the cap with a heated nail and make the knot at the inside part.
The thread being elastic guarantees it could be attached to the lens at minimun free space - a great feature for the time you will be shooting and the cap pending. Being the thread red, will highly help to identify where the cap is.
As for the cheapo side I will be disappointing. Nowadays there is a new type of caps, which for opening/closing you press the center area. Their greater advantage is that they offer an unprecedented area of pressure at each side.
They are not expensive at all, but once you get one attached to your lens, or your hood, you will find hard to stop the desire to buy one per each active lens.
However give a good look at the eBay pictures as only some of them come with a nice external ear for your thread. The others, the bad new ones, enable to connect only a thin and long thread.
The red elastic thread is to be dismounted from any Chinese rain coat, or go specially for it at a threads' store.
Cheers
Ruben
PS
In case you reject at all the possibility of a pending cap, no matter how short the elastic thread will be - then you have the great alternative of a screw in metal cap. Good for lenses, you hear it when it falls, but unable to engage hoods.