no monitor

If you are using the built in card the only option is to turn on input monitoring inside MC5, but the problem is that will introduce a lot of latency, or time lag between notes played and notes heard. The best way to solve this riddle is with a dedicated audio midi interface. There are tons on the market, from $50 to $5,000, but around $100 to $200 you can get a lot of features. The reason for this need is that you need to monitor and record at the same level.

something like one of these will do a great job. I like the one for $199  http://pro-audio.musiciansfriend.com/navigation/m-audio-interfaces-midi-dj-recording-music-mixers-keyboards-samples-monitors-mics-audio-interfaces-convertors-recording-pro-audio?N=100001+344115+202082

are you trying to monitor from the fast track or from your computer speakers?  you should be monitoring from the fast track ONLY.  plug in some headphones or plug your speakers into the fast track but don't try to monitor from your computer soundcard.

And in MC, 'Options>Audio', make sure the Fast Track is chosen as your Playback Device and it's drivers are selected.
Make sure that all your audio tracks have the correct output assigned. MIDI tracks, too.