Help with facebook ads

[Slow n Steady]

In nihalsad's guides he says as follows

"Set ad budget to $20/day on the first day (after 12pm set budget to $10 to gain edge rank, then $20 the next day).
Kill at $5 if you DO NOT have a 6-8% C.T.R. and make sure that 10% of "Likes" are commenting/tagging their friends and sharing. Keep going if you have one sale."

Can someone help me to understand what he means? I don't understand what he means by

1. Kill at $5 (Does this mean that even though I have set my daily budget to $20, I should stop running the ad at $5 if that particular ad wasn't able to get 6-8% CTR? )
2. After 12pm set budget to $10 to gain edge rank (I don't understand what this means at all )

I really appreciate your help Even though I've being doing IM for sometime now I'm totally new to facebook advertising

 

[Slow n Steady]

Anyone can help me?

 

[Tylor jr]

1. Kill the ad if your click through ratio is lesser than 8-10% - which means even after the ad spend $5 still you didn't get the website conversion/post engagement (likes/comments) of min 8-10% stop the ad. re target with new audience group.
(do split test diff adimage/agegroups/geo/interest/behaviour so on)

2.the time is depends on your audience geo time zone (spy on your same niche pagee posts - there you can see the time of engagement check it which time there post getting good engagement so you can publish your accordingly)

 

[Slow n Steady]

1. Kill the ad if your click through ratio is lesser than 8-10% - which means even after the ad spend $5 still you didn't get the website conversion/post engagement (likes/comments) of min 8-10% stop the ad. re target with new audience group.
(do split test diff adimage/agegroups/geo/interest/behaviour so on)

2.the time is depends on your audience geo time zone (spy on your same niche pagee posts - there you can see the time of engagement check it which time there post getting good engagement so you can publish your accordingly)

Thanks This explains a lot

I launched a PPE campaign yesterday with $7 daily budget.

So far I have 11 Shares, 41 likes, Zero comments and no sales. Amount spent $6.5

Post reach 890. Cost per engagement $0.17

I guess I have to kill the ad now? (For some reason I can't see the CTR. Maybe coz this is a PPE campaign?