Right now I am making money on my site, about $3/day and the site is about 3 days old. When should i start experimenting with new ad colors, formating and placement?
Your site is pretty new right now. And I can imagine the traffic is not that great. So it would be difficult to test different ad colors, placement, etc. I would suggest you not to push AdSense to the limits on a new site. Try to build a large reader base first. After that you should start testing in order to improve your earnings.