Time for a new thread. In my experience, adjustments rarely worked. If i simply exited the losing trade and admitted that my position was wrong, I would have saved a bundle. Now, I see four ways to "adjust"--trying to fix a bad trade (worst option), getting out of a losing trade, adding more trades (laddering your trades instead of placing all-at-once), or constantly getting out of losing/winning trades and adding more (always in the market). As I have read, these seem to be the popular ways to adjust. I think that laddering and closing/winning trades and placing new ones make sense. I given this a great deal of thought. Suppose I want to place a JUN ES and/or option trade. I feel that the market will pullback/retrace and continue to proceed upward. So, on the first pullback, I place a covered call--with the call five points OTM. Let's suppose a couple of day's later, the market pullback 15 points from where I placed the first covered call. At this point a decision needs to be made, based on current greeks, directionality, etc. Either get out of the CC, add a CC at this level, hold up and place no new trades (fear the market will decline more), or consider a trade to follow the reversal (maybe selling two ES futures for a net short and shorting a put). If I stick to my original thesis, I would simply add another CC. Let the discussion begin.