Loop Recording

Using loop recording you can record multiple takes automatically. It also works with punch-in recording.

Make sure the track's Rec button is red.
Start the transport in Loop mode.
When you think you've recorded a good performance, stop the transport.
Now the takes are available from the track's File Options Menu (click the file name box). You can open a take in a new track by pressing the Shift key while clicking a take. You'll typically want to copy the best parts to one track. It's best to start with the track you think is best. Then copy better parts from other tracks to this track. This can be done easily if you keep the Shift key down while dragging the part from one track's editor to another. The Shift key prevents the part from moving left or right.

Open the editor of the track you want to record.
Select the part you want to record in the editor. Note that looped punch-in recordings won't be available as tweakable edits, so you should make sure the start and end points are in silent or otherwise suitable parts.
Move the transport position to the point where you want playback to start. This will typically be at least a couple of seconds before the point where you want the punch-in recording to start.
Make sure the Punch button at the top of the screen is red.
Make sure the track's Rec button is red.
Start the transport in Loop mode (make sure the part you're going to record is within the looping region).
When you think you've recorded a good performance, stop the transport.
Now you can use the editor's UNDO and REDO buttons to select the best version.