The document provides guidance on how to apply various editing effects and transitions within a video trailer. It explains how to add fade outs and fade ins, shorten clips, fade sound, and add voiceovers and text. Specific techniques covered include applying video transitions like fade outs, using dip to black transitions between scenes, adding textures and other special effects to text, and changing the background color of clips. Steps provided include selecting effects from lists, dragging them onto scenes, and previewing the results.