This guy wants to be rare, bigtime. Red doesn't do much independent card drawing, and that's exactly what he is as long as you've already emptied your hand...which red/goblin decks tend to be really good at.

If you used a clause like "When X attacks, discard a card. If you do...", then I think he might be okay at common; you'd be ditching a known quantity for a somewhat random quantity, and at that point you've got something that could work at a lower rarity in red.

yeah it needs the If you do, draw a card. to limit it. I agree.

mtgcolorpie has written at length on the forms of red looting. See this article, and also this one. I agree with mtgcolorpie that this is a great red version of the Looter il-Kor ability, and suitable for common. It rewards you for emptying your hand, which is quite a red thing to do.

I've playtested Steelhoarder Recluse quite a lot, and it's quite good. I think this card here is a better version.