The long handle on the top is an "on" "off" handle and should be tightened up as far as it will go and then backed off until the handle ia parallel with the A frame. Doing this will always give you the same, consistent amount of sway control. That handle is not intended to be an adjustment device.
Most sway controls are adjusted about right from the factory for most trailers. The bolt on the bottom is where you adjust the amount of friction. It should be turned in 1/4 turn increments if you use it. If the trailer tries to keep turning after you make a turn, then the sway control is probably too tight and you should turn that bolt 1/4 turn left to loosen it a bit.
Here is a page that will help you.
You can go to a large parking lot and do some S maneuvers to try it out. You will not really know exactly how much to put on it until you get out on the road and have some large trucks pass you or a decent wind is blowing. Keep in mind that you will not be able to avoid all the push and pull from passing trucks but they should not make your rig turn into a major sway event.
Barney
2004 Sunnybrook Titan 30FKS TT
Hensley "Arrow" 1400# hitch (Sold)
Not towing now.
Former tow vehicles were 2016 Ram 2500 CTD, 2002 Ford F250, 7.3 PSD, 1997 Ram 2500 5.9 gas engine