I think an area I am struggling with right now is with understanding how/when to add new banners to my campaign. So perhaps it's best to illustrate this with an example.
Say you've found the best LP/Offer combo and are running the below:
3 banners x 1 LP x 1 Offer
After a day you find that you have 1 winning banner and 2 losing banners. So you cut the 2 losing banners and now have the below:
1 banner (winning) x 1 LP x 1 Offer
So at this point what would you do? Upload new variations of the winning banner? Or just ride out this 1 banner? (prob not best option)
How many banners do you like to have typically running at once in a campaign?
There is one thing I learned over the years: banners tend to perform differently on various days, the winner from one day can turn into a loser the next day. And eventually, it might become a winner again.
Based on this, I try to run with multiple banners WHENEVER at least remotely possible. It also reduces the burnout problems. The more banners in a campaign, the better 
When I see just one banner literally slaying the rest, I keep it running, but it's usually short-lived. That's why I try to make variations of it asap, just as you suggested.
Thanks Matuloo for taking the time to answer 
So in my above example. Would you then upload say 2-3 new variations?
I guess this makes sense, but the question then becomes isn't it likely that some of these new variations will not be winners? Thus cannibalizing your profits from the winning combination, so how do we ever get profitable? lol
Or are we looking at just how the overall campaign performs for the day since likely some banners won't perform as well, but hopefully at the end of the day we are still profitable?
Thanks in advance.
Hi Matuloo thanks again for your help I definitely appreciate it 