Question about feeding newborn.

My daughter is 4 days old. We are formula feeding. We were told by the doctor to feed her up to 2 ounces every 2-3 hours, waking her up if needed to feed. This is the advice I plan to follow. Almost all of my friends and family are telling me that they only fed their kids when they were hungry or start crying, never waking them up to feed them, and allowing them to eat as much or little as they wanted. I’ve been researching online and have found mixed information about these methods and if there is a right or wrong way.

How many of you stick to a strict feeding schedule? How are you feeding your newborn?