Nobody can tell you anything without proper system info or other technical details like what effects you are actually trying to apply. That aside it seems to me that you are using a preset rather than an effect and the preset probably is meant for a different layer type like text or has other prerequisites like a mask. I would suggest you actuallly read the help.
following M suggestion and after you do that. what effect are we talking about here? also show us the timeline and the layer in question.