My whole arguement is just that, the need for adjustment. The wider the spread the more aggressive the adjustment which eats up bigger part of your credit. Now in periods like dec 05 through today this isnt too much of an issue but during periods with high volatility, doesnt even have to be too much higher than todays, maybe 10-20% higher, this approach will really eat up those gains quickly.
By arbitrarily picking points in time and widening/shortening strikes for the sake of a better credit you are more likely to hurt your overall gains. Now i am a big fan of varying position sizes or even widening strikes, when its a part of a consistent risk management plan but i dont think this is the case here.
Even though, i may not do coach's strategy over the long term, i see clear consistency in his approach when it comes to risk management. Consitency, that others lack and thats exactly what's the biggest harm to that position.
