TRAKTOR Mic + effects?

Hi everyone
I've been using the 4Trak controller for a while, but recently I bought a mic. I've tried many output-input settings but I'm unable to add effects to the live input.
Here is what I do step by step:
1-Connect the mic to channel D and turn the "Line/mic switch" to "mic" mode. Then I turn the channel D switch from "pc" to "Line/mic" mode.
2-I unable the crossfader for the channel D in order to hear the mic always, not only in one side or another.
3.I turn up the volume for the aux.

Like this, the mic sounds good but I can not add any delay or filter, only EQ.
I have tried doing some changes in the input settings but I start hearing the latency and it sounds bad. I am new in this things so I would like to know if this is the appropriate setup for a mic, or if latency is something common (to me it sounds really bad).
Thanks, and sorry for the english.