Greetings Folks. New watch, looses time by about 5 minutes a day. No mention of an adjustment for time drift and probably there is not one. So, new battery? This was new, out of the box, off the shelf at a major chain store so should a new battery be needed or is there a possibility that this has a "timing" fault?

How to change date on a watch?
Pull out the crown to the second click, and advance the hour and minute hands until the desired date and day appears. * If your watch has three hands, pull out the crown when the second hand is pointing to 12 o'clock. 5. Adjust the time by turning the crown in the desired direction.

Instructions for Analogue Quartz and Mechanical Watches - Seiko

https://www.seikowatches.com/support/ib/pdf/Analogue_E.pdf Search for: How to change date on a watch?
How to set new date of month on watch Google Search

Try cleaning the battery. The battery is coated when new. I had the same problem loosing 1/2 hr some days then
Ok others

Main cause would be that the date gear teeth have been stripped. This is done by setting the date whilst the hands are trying to change the date themselves (between 10pm and 2am). Always adjust the date with the hands around 6.0clock. You will need to return your watch to where you bought it for repair I'm afraid.

(A=LIGHT,B=MODE,C=START,D=RESET)
1.How to use the luminescence Any time indication,Press A the Luminescence will last for 3 seconds.
2.How to view date? Standar time indication, press C "month/ date" indication.
3.How to switch 12/24 hour systems In the normal mode, press B twice and press D twice ,then hold C until 24 hour system is actuated, then press B for recovering.
4.How to check alarm ring and alarm time? Standard time indication,press D alarm time indication.
5.How to set alarm time? Standard time indication,Press B twice. The hour area flickers,press C to set the hour. After setting hour ,press D,the minute area flickers, press C to set the minute. Last press B for recovering.
6.How to set alarm ring? In standard time indication mode ,Hold D then Press C this will toggle alarm symbol on & Off.
7.How to set Hourly Chime? In standard time indicationmode, Hold D then Press B DAY OF WEEK area toggle on and off.
8.How to use stopwatch(1/100 seconds) Press B,then Oress C for 1 timing; Press D for multiple timings. Press D once more to continue operation after multiple timing. Press D for 1 timing; press C once and press Dtwice for multiple timing. (1)Max range of the stopwatch is 23 hours 59 minutes 59 seconds. (2)When timing within 30 minutes, the watch indicates: minute/second/1/100 second (3)When timing beyond 30 minutes, the watch indicates:hour/minute/second
9.How to adjust time, date,day of week (1)Standard time indication,press B twice ,the second area flickers, pressC to adjust second. (2)Then press D the Minute area flickers,Press C to adjust minute. (3)Press D the hour flickers, press C to adjust hour. (4)Press D the Date flickers, press C to adjust date. (5)Press D the month area flickers, press C for adjustment. (6)Press D the Day of Week area flickers, press C for adjustment. Then press B for recovering.

Sounds like a problem with the balance wheel.(I assume that it does have one?)

They are designed to compensate for temperature but yours does not appear to be operating correctly.

Take it to a watch repairer for adjustment.

If your watch is less than 2 years old then they may service it for free, and if it is that new I would take it back to point of purchase for assistance. Even though Rolex's are Chronometers they are not known for their ability to keep near perfect time. If you are losing only 6 seconds a day then you are still over 99% accurate and it does not really get much better than that (that means you may loose a couple mninutes a month. A watch winder that you set your watch in while not wearing can keep it spinning/ winding and therefore may increase accuracy.
If your watch is loosing a lot of time (half an hour a day) or if the watch is more than 5 years old, it likely needs some servicing. Oils can harden and thicken within your watch and this will affect the performance. Rolex recommends servicing your watch every 5 years or so to keep it in peak condition. A usual service entails a cleaning, oiling and regulating; this usually costs from $350 to $700 depending on where you go and if nothing else is wrong with your watch.
But again, if you are only loosing a few minutes a day, then your watch is still in good shape and I would not recommend paying the money to get it to work only a small bit better.

There is nothing wrong with your watch. Probably it's the one measuring heart rate and pulse (heart beats per second).
Use your users manual to set the watch.
By the way: Timex is one of the worst watch producers.

TIME AND DATE
1. Press and hold MODE until HOURS digits flash (you'll be in Alarm Mode) Press MODE again to enter TIME mode, SECONDS digits will flash.
2. Press ADJUST to set SECONDS to zero.
3. Press START/STOP to select MINUTES.
4. Press ADJUST to change.
5. Repeat to set HOURS, MONTH, DAYS, and DAY of WEEK. Go through 12 hours to set AM or PM.
6. Press MODE when done.
7. To display DATE from Time display , press START/STOP.
8. With DATE displayed press and hold START/STOP, then press ADJUST to change display between DATE-MONTH and MONTH-DATE.
9. With TIME displayed, press and hold ADJUST, then press MODE to switch between 12-and 24-hour format.

ALARM AND HOURLY CHIME
1. Press and hold MODE until HOURS digits, DAY, and A or P (for AM or PM) flash.
2. Press ADJUST to change HOURS digits. Go through 12 hours for AM or PM.
3. Press START/STOP to select MINUTES.
4. Press ADJUST to change.. Press MODE when done.
5. Press and hold ADJUST, then press START/STOP to turn chime on/off. Press START/STOP again to turn alarm on /off. Release START/STOP when done.

CHRONOGRAPH
1. Chronograph will count up to 24 hours. Lap times are not stored. After 40 minutes chrono display changes from seconds to minutes.
2. With time displayed, press MODE to select Chrono Mode.
3. Press START/STOP to start.
4. Press ADJUST to view lap time. Press again to sesume lap timing.
5. Press START/STOP to stop timing . Press ADJUST to reset chrono to zero.
6. Repeat for successive laps.

bring it back its still under warranty. if this helps please rate