Which is the best way to moderate a forum?

In mine I experimented with a few different ways. Take new sign ups as a example. On one hand you can do all new member posts get posted. Or you can do new member posts get put into moderation que. When I did new member posts get posted I seemed to be removing a lot and it was slightly more difficult. Currently I have it so new member posts until they meet 3 posts get put into moderation. This is easier to remove spam. But has the down side of turning people off and often gets double posts as they are confused because they don’t see their post until I have approved it. I have made it simple to see the rules of three posts then auto posts are made but I’m sure few bother to read it. Here in sitepoint new member posts are auto posted. But is there anything happening behind the scenes that I’m missing? What have you all moderators found is the best way to seamlessly moderate with the least amount of frustration? Thanks! Ps I use phpBB software. And I use a good math spam question. So no bots. Only human spammers.