The second and faster way is to right click the clip and then select Add Video Effect. From here you will get a menu designed so all of the video and effects are on the left, and all those held by the specific clip are on the right. Here you can select an effect on the left, click the Add button, and it will go to the right. All those on the right will end up being on the clip. This is also the way in which you would remove the effect or transition. When on the right you can highlight it and then click on the Remove button to send it back to the left hand side. This effectively removes it from the clip all together. The right click method is much faster, and it even has the ability to add a Fade In or Fade Out transition without going into any complicated menus.