
Recording to a click
Recording to a click seems to be the default choice these days and it definitely makes a lot of sense. It allows you to work with loops, copy and paste different parts of the arrangement (for example a verse or a chorus), synchronize your effects (delays, LFO etc) to the tempo of the session and in general I would say that it is a much faster way of doing things. This method might be extremely effective but every now and then I also find it a bit limiting and end up recording

Monitoring yourself while recording
One of the most important factors in getting a great take is Performance. Good performance requires confidence, focus and comfort and these cannot be achieved if you can't really hear what you're doing. I find that using headphones can be a bit uncomfortable (especially if you like to move around while recording) and the main reason for that is that headphones can make you feel isolated and prevent you from hearing yourself in a natural way. If you feel that you can't really