When you short a short strangle or a straddle say the next month expiration , where do you put your stop loss instead of hedging ?? Since the premium collected is huge .
premium you collect is huge but movement in prices will also be big given time to expiry, instead of stoploss you should hedge your position, another good thing about hedging will be you will require less capital for your short positions and you now get margin benefit… and also you can sleep peacefully without worrying about your stoploss failing etc. 
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By nature of its construction, it is is a non-directional, naked options trading strategy.
- Strangle - NAKED
- Iron Condor - HEDGED Strangle
- Straddle - NAKED
- Iron Fly - HEDGED Straddle (+Strangle)
Do some research on making ‘adjustments’ instead.
Alternatively, you could keep a SL Market of twice the premium collected to still play the strategy without a hedge if its intraday. For positional, a gap up / down might not work so well when you keep a SL through GTT.
Hope this helps.
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