Faders, mute and solo
At the bottom of Perform is the mixer: one strip per track, and the grand master at the right. It stays in view however you resize the window.

Track faders
Each track's fader sets how much of that track reaches the lights, from 0 to 100 %. Tracks are layered bottom to top, so a fader is how loud a layer is in the mix; see Blend modes for how layers combine.
Mute and solo
M mutes a track. It keeps playing silently, so it comes back in time when you unmute it. S solos it: only soloed tracks are heard. ⌘-click (Ctrl-click) a solo button to add more tracks to the solo.
The grand master
The Master fader scales the whole look at the very end, after every track and layer. Pull it down to dim the room; the touch remote has one too.
A fixture's own brightness trim (set in Patching fixtures) comes after the grand master and only turns that fixture down.
Blackout
Blackout, the stop sign beside the lock in the header (⌘B, Ctrl+B), cuts all light, UV, fog and built-in effects at once, whatever the master and the tracks are doing, and brings the show back when you press it again. The show keeps running underneath, so the beat and the clips stay in step. Positions and fans carry on, and the touch remote has a Blackout button too.
It works while editing is locked and in blind mode, and it is not saved: the engine always starts lit. A fixture that can't be dimmed, such as a laser with no intensity channel, goes dark only as far as its pattern and shutter allow, so don't rely on it as the only way to stop a laser.
Stop all
Stop all, next to the master, stops every track. A stop follows the show's quantization and fade.
Live controls aren't edits
Faders, mute and solo, launches, tempo, the grand master and the blackout are for performing, not editing. They work while editing is locked, they are saved with the show, and Undo leaves them alone.