That is the pin that engages your sear, so when the trigger releases the sear, this pin is released by the sear and lets your firing pin move forward striking the primer (rim of the cartridge in your case). That's a basic redneck explanation, I can't recall what its actual name of that pin is at the moment. Its one of those tip of the tongue things...
IIRC there really is no adjustment for the pin itself and no need to adjust it.
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