Currently backtesting the M3 with one small live trade on (I pay much more attention when I have some skin in the game), and trying to understand something. Maybe someone can provide some insight. So I understand that the M3 is a hedged trade. The upside is hedged by the call, and the downside is partially hedged by the fly. And as I understand it, the idea is to collect theta while adjusting the hedges to maintain safety throughout. The problem I keep running into is that many of my adjustments lock in losses, and I wind up adjusting myself down to my max loss a lot of the time (in the backtesting). How do you guys get around this? Is the idea to only "add" an adjustment only if I can't remove an adjustment for a profit while maintaining my favorable greeks? Sorry for the beginner-ness of this question. I totally understand the greeks, the greek trends, partially understand skew and "skewness" and it's effects, but adjusting is still tricky to me.