Help with facebook ads

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

Anyone can help me?

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)

Tylor jr said:

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)

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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?