Show notes: http://optionalpha.com/show72

You've entered a new option trade with a high probability of success - but you also know that a 70% chance of success doesn't mean it's a sure thing. As soon as your order fills the stock starts to move against your position - just your luck right? And each subsequent day the stock continues to trend closer and closer to your strike prices, threatening your position. At this point, you're starting to get pretty emotional about the whole thing and don't know what to do or how to adjust it. 

When do you pull the trigger and make an adjustment? Do you do it now or is it too soon? If you wait, what if you miss an opportunity? How much time is left until expiration? Are you taking in enough of a credit to reduce the overall risk? Is it worth it to even adjust at all right now? 

Believe me; I get it, and I know that these are just some of the questions circling in your head when presented with this situation. That's why in today's podcast episode I'm going to take you through three specific triggers you can implement right now to help you start making smarter, more unemotional option trade adjustments when a stock starts moving against you. You'll also hear why I favor trigger #1 over the others as it's a more mechanical and systematic.