Plesk Cronjob Setup

I am in the process of setting up my Cronjob for EasySocial. I have attached the screenshots from Plesk.
I want to make sure I set this up properly. My server supports wget.

1) Select "Run a Command" -
Command:
/bin/wget -O /dev/null "http://agingparentpartners.com/index.php?option=com_easysocial&;cron=1"

2) Not sure how to set this to every 5 minutes... which seems to be recommended.

3) Set "Notify" to "Errors Only"? It seems like I would not want to get an email every 5 minutes forever! Is it OK to set it to "Errors Only"?

4) Beyond that do I need to set up any other files on the Joomla end?

Then I assume I need to do the same with my EasyBlog and EasyDiscuss?

Thanks for you help...