I have my starter file already set up with a bus called Live Monitor. On that bus I have a low latency reverb which I activate when recording microphone based tracks.
From a track I'm recording onto I have input echo on, and I have a Post fader send going to the Live Monitor bus.
After I've recorded a track to my satisfaction, I turn off the send and also input monitor.
The next track I'm recording I light up input echo and a send to the Live Monitor bus.
Why do this?
1. I have a reverb for monitoring when I sing or record something through a microphone. The reverb can be adjusted as desired.
2. The Live Monitor bus effectively doubles the volume of what I'm recording, enabling me to hear more clearly what I'm recording at that moment.
3. The reverb is optional (can be turned on or off, and/or adjusted), and only applies to that track.
4. The send level control from the track makes it easy to dial in how much additional volume I or the person wants to hear on their headphones.
5. I use the same technique for recording non-microphone stuff as well - amp sim or keyboard/MIDI parts - because it allows you to hear what you're recording more at the forefront of the mix in your headphones. But for those I would not generally need the reverb and I leave the reverb set to off on the Live Monitor bus for those tracks while recording.
6. Anytime I turn off a track's send to the Live Monitor bus I drop back into regular mix volumes for everything so I can hear how it sounds at intended volumes after the recording has been captured.