Water on an 'as needed' basis, not on a schedule, for best results.

Soils begin to feel dry to the touch when they still have about 40% moisture content. Plants can usually extract moisture from soils until the moisture content is 25-30%, some plants even lower than that, so you have a 10-15% built in cush, even after soils feel dry.

You're best served to water about the time the soil feels dry to you, as far as you can stick your finger into the soil. Better still, is to use a sharpened dowel and insert that deep into the soil mass. If it comes out cool/dirty - no need to water. If your plants are small, hefting the pot can be a useful way to gauge moisture content of the 5:1:1 mix. Use some discretion, because even though the plants can extract moisture down to the 25-30% moisture content level, bark/peat-based soils become hydrophobic (difficult to rewet) as they pass below about 30% moisture content.

Al