You don't want to record the track with reverb. Not usually in a studio setting anyway. Just apply a little reverb fx to the headphone mix if you have to have it. FX are applied normally after tracking is completed while you are mixing.

but what if you want to insert eq or a compessor

Plugins through your DAW.

Best way to do it? In my opinion, use an analog mixer to create true latency-free monitor mixes with reverb. Unless you have some sort of special hardware effects don't print them. Any plugins you have can be applied after tracking with the advantage of undo.