I was really curious to know how long should I run a campaign before I know it's not working (assuming that I'm not spending that much on it). 24 hours? 48 hours? And what's the best converting time? When are people more responsive to ads?
Thanks in advance.
Baseem, it depends on many factors. What's the payout on the offer, how targeted is your traffic, how much is your daily budget, how many clicks do you get, what's your ctr (click-thru-rate) on your ads, etc...
Please tell us more and we can help you further! 
fbqueen, payout on the offer is around 20$ traffic is pretty targeted (Using interests but not custom audience) my daily budget is minimum $20 up to $100 CTR is around 0.046% - Which I'm struggling a lot with, Doesn't matter if I used hot chicks on the banner it still eventually drops.
Any tips?
How many conversions have you had already, and how much have you spent on it so far?
My normal approximate rule of thumb for general Web campaigns would be to kill any campaign that spends 4x its payout without a conversion - but that's just a general rule of thumb. Time also factors into that - I don't normally kill a campaign until it's run for at least 2 days.
Zero conversions so far. But it's just now that I started running campaigns with reasonable cpc. Strange even though my bid is higher than average and I put a daily budget for each campaign around 100 bucks it's going very slow. Target audience is few hundred thousands.
Did you use the FB suggested CPC? That tends to be fictional - not to be trusted.
I'll leave it to the real FB experts around here to recommend exactly what CPC you should use, but if things are going slowly, chances are upping your CPC would be a good first step.
baseem - follow what caurmen suggests and make sure you spend at least 3x more than what your payout is! Although $100/day/campaign is not a bad start!!
Your CTR is super low, you need to work on your images and ad copy! How many images are you testing?
Also make sure you bid at least double the "suggested bid" to get traffic! Especially when your audience is below 1 million, competition is most likely higher... Once you start getting traffic after a day or two you can lower your bid if you feel you're paying too much.
And one more thing to try and play around with: Post 3 duplicates of your ads within an ad set because each ad will get a different placement and one or two will always do better than the others!
fbqueen! You're the queen! Thanks a lot that was ery helpful I'll do all of that.
P.s. hope you guys coming to the London meetup would love to meet all of you
Hello,baseem .Different offer has different conversion rate.What traffic source do you normally use?
Isshi I use facebook