When you're planning to start optimizing with triggers, you should have clear goals for the campaigns. The following questions can help you to clarify your goals.

What is your optimization goal in general?

Is it more like "maximize actions with a strict budget"?
Or is it more like "optimize toward CPA/ROI goals while maximizing the number of actions"?

What are the most important metrics?

Do you only look at CPA/ROI and amount of conversions?
Or is CTR, frequency or other metrics important as well?

What are your CPA/ROI target levels? (See the CPA areas picture.)

One basic strategy goes like this.

Trigger 1 – CPA over Kill level → Pause ad set
Trigger 2 – CPA over Acceptable → Decrease budget
Trigger 3 – CPA over Target → No action or smaller budget decrease.
Trigger 4 – CPA under Target → No action or smaller budget increase. If we are right on target level, avoid making too hasty decisions.
Trigger 5 – CPA under Boost level → Increase budget

Which is more important: hitting the CPA target or getting traffic?

Is it ok to run ad sets/ads that are not hitting the CPA/ROI target just to get traffic?

How strict is the budget?

"I'd like to spend at least XXX€, but if the results look good, it's ok to spend YYY€."

How quick a reaction would you like to have for these?

pausing really bad ads;
reallocation of the budget; and/or
boosting the really good ones.

How important is the "long" historical data?

Is it ok to boost an ad that shows good results in the last three days but looks bad during the last 14 days?

Also take into consideration that budget, bid amount, bid type and audience size all affect Facebook's automatic optimization. And with Smartly triggers, you can choose to optimize on ad level, ad set level, campaign level and account level.

After you have clear goals in mind, communicate them to your account manager and we can create example strategies for you.