You may not have a clip selected on your timeline or the clip you have selected may not have an effect applied to it.
Regardless, you can also get to the Properties panel in version 10 by right-clicking on a clip on your timeline and selecting Show Properties.
Ah, that/s good. I can edit the effect and set keyframes with the Properties panel.
However the Edit Effect button is still grayed out. I have the clip selected and the effect is applied.
That is odd, as when the Clip has been selected in the Timeline View Mode, all Effects (both the Fixed Effects, such as Opacity, Rotation, Motion, etc., plus any added Effect) should be shown in the Effects Control Panel, with Edit Effects. Something is definitely wrong. Even a Clip, to which no additional Effects have been added, should still give you access to those Fixed Effects, that are automatically added by the program.
Wish that I had some idea of why Edit Effects is grayed out in your installation of the program.