Before draining or flushing you should pull the dip stick and look at the fluid. If it is dark, burnt smelling, and you see little flakes or speck in it, DO NOT FLUSH IT. The fluid and transmission possibly has hard part damage, but the transmission just has not figured out it should die yet. If you flush a transmission in this condition it could fail right away. Real strange, but that is what seems to happen. If your transmission is in this condition just drive it while you save for a replacement transmission. There is no way of telling when it will fail. It might be today, next week, or next year, but it is doomed.
The goal here is to flush the transmission BEFORE the fluid gets contaminated. What you are taking out should look like what you are putting in. Do not wait for a color or smell change. Most manufacturers calls for transmission fluid change at 30,000 mile intervals. The industry standard is two years or 24,000 miles whichever comes first. It is your vehicle, you decide what is best for you.