Coming from someone that have used Blender VSE for video editing, I miss being able to reduce the quality of the video preview, in order to work with the video almost flawlessly without any performance issues - even when running multiple video tracks on top of each-other.

Is there a hidden way of improving video preview performance that I may have missed? A way to reduce the video preview quality to 50% or lower?
I noticed there is a proxy setting in the project settings, but it does not seem to do anything. I can't find a way to manually "create proxy". I can just select cancel or ok. Am I missing something?

Appreciate a response, thank you.

Problem solved.
The reason enabling proxy and setting that up didn't work, was because I had to RE-IMPORT the files in order for it to setup the Proxy.