Say I wrote a long command in the Mac OSX terminal, i.e

say "Hello, how are you? I am good thank you. How is it going with you? Fine, thanks"

and now I decided I want to change the word Hello to Hi. To do that, right now I have to keep pressing (or hold down) the left keyboard key until the "cursor" gets to the end of the word Hello, and then delete it. The usual 'holding down option' technique doesn't work as it does in most other OS X applications.

Is there a way to skip a word at a time instead (or any other shorter way of getting the cursor there)?

Thanks!