Mitigation steps

1. Over come fear of losses - 4 out of 5 times your sold positions won't be ITM - hence do not book losses with the fear to cut losses early on - since all your trades are already taken far from the strike with conservative return expectation - there is no point to fear- next time in case if you are incurring wait for the vix to go down , if it sustains do adjustment

If the delta increases through the expiry 

    - move the trade farther away with increase in capital deployment 

    - wait till it reaches ITM and roll over 

    - if 50% distance covered on call side- move the put side closer by 25% and move call side by 25% 

    - if 50% distance covered on put side - move the call side closer by 50% and move the put side by 50% 

    - roll over early on when roll down position of next expiry is equal to the current expiry- so that the loss on adjustment is minimised (e.g ITC October to november roll over)

    

2. Book profit if the decay has reached 60% or the left over value is < 10 or the series is reaching the last week of expiry - Strictly close the positions if 

Remember, Realized profit is double the time more valuable than unrealized profit 

3. Do not hold the trade till last week at any cost  

4. Always Hedge our position - your ROI is more on hedged positions since margin requirement is less and you can take more trades

5. Have all the capital as collateral - so that you don't feel like you are wasting capital when it is idle

6. Have 50% of capital free for adjustment 

7. Wait for the VIX to increase whenever there is shar move downwards VIX increases, always sell with VIX is higher