Re: Best setting for recording and...
what are you trying to record and what sound card (external stuff) are you using?
The main areas to look at are the buffer settings in your audio preferences within logic. The smaller the buffer the lower the latency but the increased load on your computer's processor. Too low a setting will resort in pops and clicks in your playback and recordings.
The other thing to note would be if you are trying to record with latency inducing plug ins on the channel you are playing through, as well the master output.
For example, compressors, limiters and linear phase EQs, to name some plugins not all, will increase the latency by the nature of how they work with audio signals. As a result, these kind of plugs are best left out of the project until the mixing stage.
If you are unsure what plugs are where and you quickly want to achieve a low latency state for recording, then there is a low latency button in your transport window that will bypass what you need which is super handy!!
Hope that helps.