First of all, you must decide what you wish to be your working color mode. I use AdobeRGB because it has a wider gamut than sRGB for example.
When you import your image into Photoshop, the program will ask what to do. In almost all instances, you want Photoshop to convert the image into the working profile.
When you are printing locally, you select the printer profile that you just created as the Monaco manual states. Photoshop imbeds the profile in the spool file, and I found best results when I enabled ICC profile in the printer dialog.
Custom printers sometimes want cmyk and sometimes they want sRGB. AdobeRGB avoids the problems that sometimes happen when you are working with such different gamut.
As for the monitor profile, you enable that with through the system wide settings that you access through the control panel. The only time that you need to do anything to the monitor is when you create a new profile.
As someone else posted, Ian Lyons web site covers this and many other issues in far greater detail than is practical in this newgroup. wrote in message
Have just set up Monaco E-z color management, and am confused about the
color settings with Photoshop 7. My camera is photographing in the srbg mode, and in the advanced color settings for rgb I don’t know what to input…the
srgb color conversion mode, or the LCD profile, or something else. Some
work will be printed here…and I have a profile for the Epson 2200 printer which I assume I should use for my own printing, but some will go to a lab which asks for srgb. When I open files I get three different options regarding using embedding or two other choices. I’d really appreciate some help with this…I’m trying to understand it all.