[Noney]

You'll want to adjust it with the tension released on the strings. The threads on the truss rod don't like the extra tension caused by the strings (but you mentioned that it's a cheapo, so you may not care). I usually leave the strings on the guitar but reduce the tension to the point where they are very limp and just barely staying on the tuning pegs. There is some back and forth involved in the adjustment, in that you'll have to adjust it -- retension the guitar -- see how it plays -- adjust again, etc. What you're shooting for is a level fretboard (some guys like a degree or two of relief, but that's a personal call) so have a long straight edge handy to check your work. You might need to work on your nut after the truss adjustment (most nuts are too high) Good luck.