Three point editing is by far the best way the best way to do your editing on final cut pro. Three point editing is the best way to accurately place a clip into a sequence. This is because it allows you to use the source clip and specify the in and out points of the video.
When doing a three point edit you must select the in and out points and specify what part of the source clip you want to place in the sequence. You then must determine the duration of the edit and define where to out the video in the timeline. After defining these points its then time to choose the tracks and drag the clip onto the canvas to overlay the clip.
Main keyboard shortcuts include:
F9 - Insert Edit
F10 - Overwrite edit
F11 - Replace edit
F12 - Superimpose edit