When using Live as a realtime looping station this is a convenient setup:
Creat a track whose input is the external signal. Disarm the track but set the 'Monitor' status to 'ON'. Put various plugins on this track and set a pedal board to turn them on and off. (chorus, delay, etc.). Call this track GUITAR (or whatever).
Now, set up several Tracks that will hold loops. Call them LOOP1, LOOP2, etc. Set the 'Audio From' on each of these tracks to GUITAR (the track that you created above). Hold down CTRL while record enabling each loop track. This will enable them all simaltaneously. TURN the 'Monitor' status of ALL the loop tracks to 'OFF'! set a pedal board or something to stop and start loops in each LOOP track's clip slots.
This eliminates the need for something to record enable the track each time you want to record. Plus it centralizes your effects. Effect the signal on it's way to the loop (rather than at the loops output). Sound comes out of these LOOP tracks only when the loops are playing. The sound of your input is always heard (cause it's the only thing being monitored).
I posted this cause I see a lot of people talking about live looping and record enabling the track each time. As you can see, it's uneccessary.