I'm learning options and understand that there are different method to manage trades that go wrong. In case of the Call/Put butterfly whenever the price goes above upper breakeven or goes below lower breakeven, what are the different ways in which we can minimize our loss or even stay profitable.
The basic idea with adjustments is that you want to adjust a short leg before it goes in-the-money in order to avoid its increasingly higher delta loss that requires you to buy back intrinsic value. The price of the underlying to do this will depend on the individual option prices, the option position's P&L as well as some of the option variables (implied volatility, time remaining until expiration). It's beyond the scope of a simple answer.
The general rule is sell time to avoid short intrinsic value. This can be done in different ways.