I can't say being very experienced, but as it is similar to hunting really...
Daytime is not too good, imo. Sunrise is when I see most of ferals here, now at the summer sunrise is bit after 3AM while sunset is after 10PM and there really is not very dark during the midnight so between sunset and sunrise is the time +1 hour before sunrise and after sunrise.
So for me it would be to have trap ready at 2AM to 4AM and 9PM to 11PM, that is mostly when ferals seem to move.
Location should be near they regular routes, here on my property there are 3 main locations where they come and leave, it can be any of those locations that they arrive or leave but there are then few locations that each of them visits, best place for trap is naturally location all of them visits or very near it.
Placing trap for open is not best possible way, having trap put next to some object, wall, large rock, tree etc. is better, even better is to make trap covered with long grass, leaves or similar natural material which creates impression for cat that it is kind of bush with cave like area which is the trap, cat likes to hide, so having both ends of trap open, but covering rest is almost sure way to lure cat in.
For bait I have used a tuna in oil, it is smelly so that they can pick it further distance and trap masking and location is making them to trust the trap.
For trap bottom cardboard or newspaper is good, trip plate I mask with bit longer piece of cardboard so they have to step on that, there is no other way to get the bait.
Baiting itself I have done so that there is tiny pieces of tuna leading into the trap and bigger amount of tuna attached to back wall of trap and piece of cardboard between the trap and tuna so they can't get it from other side.
Also no touching the trap with bare hands, always with gloves and always cleaning trap after use, so that there are no odours to get cat suspicious.
For trap itself then, there are good traps and there are bad traps, trap should be enough long that even the tail gets in before cat sets trap off, also it should have some mechanical lock with prevents simply pushing or pulling door open, my trap has metal bar that drops so that door is impossible to open even for a human unless metal bar is pressed down same time as door is opened, there is even a latch that drops on metal bar so that metal bar is not able to move unless latch is first moved. With simple drop door trap they can escape, cats are surprisingly strong and clever, they can lift door up and even spring loaded door is something they can open even it would be difficult to open for human, I have experienced that.
Knowing where cats move is the tricky part, I have used video surveillance to get to know their routes, of course it is not necessary part as they do look around for food if they smell it, but it is faster to catch one with better trap placement.
Works with every hunting, of course when hunting for really wild animals at woods there is no so good way to take video from them, there it helps to know animal habits and ways they think, that of course is true with cats also, pretty much same works for humans, if you are a bounty hunter, just need to know bit more from person and his/her preferences and adjust accordingly, also with humans no trap as device is needed, but some companions is good to have

They like quiet, something that is providing cover from wind, also anything that provides them clear view of area yet hiding themselves is what they do prefer.