In addition to the usual tagging preparations, you need to establish a connection to your cancorder (or other video stream). Also don't forget to choose a file name and recording folder because files are saved as the recordings are made.
It is also possible to choose video encoding at this stage. The video explains possible reasons for doing so but also remember that video can be re-encoded later too. At the time when this tutorial was created, the greatest range of recording functionality was only possible when recording DV or HDV format video.

Tag live is a process of tagging while video files are recorded. Each time recording is started and stopped a new file is created.
Time shifted recording allows you to review video while continuing to record. This will allow you to watch video, tag video or even select tagged events and edit them. You cannot enter Play Events mode while continuing to record.

After stopping recording remember that you must select either Tag Video Clip or Play Events modes to be able to see the events in the events list and review them.