Personally, I always shoot 4. When trying a new load, you're looking for basic trends. Sometimes 3 shots can be a fluke, but with 4 shots, you get a pretty decent idea of the objective performance level. At this stage, I think 5 shots is unnecessary.
Once I've found something that really looks promising, I'll work up another series with that charge, and one with a little bit over and one with a little under. This time, I'll load 5 or more per string, probably two separate batches. I'll shoot one batch at 100 metres and then the second batch at 200 metres.
After doing this, you can usually dial in the most consistent load.
For a hunting rifle that I am very familar with, I skip the second day and rely upon the initial 4-shot strings.