From GeniusDV.com:

When working with transitions in Final Cut Pro there are a couple of tricks to help you along the way including how set transition favorites to hot keys, and how to add multiple transitions all at the same time.

Within the effects tab, there is a list of various transitions. These effects can be applied between individual clips in the timeline window. Effects that appear in bold lettering are designated as real-time effects. These effects will not have to be rendered when applied.

To apply a transition, simply drag a transition effect from the effects window, and place it between two clips within the timeline.

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