If I enjoy what I read and want to know what happens next. I usually give a story about three chapters to do this. If I like it and know I'll continue liking it from the first chapter then I will follow then, other times it takes longer to convince me and sometimes it doesn't convince me at all. I'm a slow reader though, so I might have a story in a tab for a while before that decision is made. My read-later list is far longer than my follow list as of now. But I think that's fairly normal.
My normal approach is to favourite the story if I enjoyed the first few chapters (usually after about 3 or 4), but I only click the follow button on a story if it's ongoing and once I'm close to catching up to the latest chapter. This is so that I can receive new chapter notification on the stories that I actually want to keep updated on, while avoiding clogging up the list
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