Hello Traders,

I spend most of my time trading options and have had success with butterflies and iron condors. I am at the point now where I would like to learn how to adjust losing trades to mitigate losses or, ideally, make them profitable.

I took a look at one site and bought the program and was disappointed to see that the technique was simply to buy an option in the direction if a trade moved against you. For example, if you open a 100/105 bull call spread on XYZ trading at 95 and then the stock drops to 90, buy an OTM put, say 85. If the stock then whipsaws but not enough to make your bull call profitable, just close the trade for a loss.

I have searched the internet for some better material but have only found very high priced education courses with very vague descriptions.

Does anyone know where I can learn this information? I'd rather not reinvent the wheel with experimenting as I am sure I am not the first person to have this question.

Thank you.

Try this book: "The Option Trader Handbook: Strategies and Trade Adjustments Hardcover by George Jabbour and Philip H. Budwick".
I read it a long time ago but as far as I remember it will fits your needs, and it was a good book.
But keep in mind that their is no secret sauce or magic with options!

Thanks for the suggestion Sam. I will have a look at it.