The LiteSpeed Cache plugin for WordPress generally comes with rather sane default settings, without having to tweak much afterward, however, a few settings are recommended.
LiteSpeed Cache -> General: Request a Domain Key.
Under the Cache menu item:
 Cache -> Cache Mobile: Off -> On (Only if your site is not responsive or if your site relies on "Mobile detection"-logic)
 Cache: -> Drop Query String (Already set by default if installing v3):
 Purge -> Auto Purge Rules for Publish/Update: Ensure "All pages" are UNCHECKED
 Purge -> Serve Stale: Off -> On
 ESI -> Enable ESI: Off -> On (Only if your site relies on WP nonces)
If you use WooCommerce, go to the "WooCommerce" tab:
Product Update Interval: Select Purge product and categories only when the stock status changes. (Only if you use WooCommerce, and only if your site doesn't rely on quantity).
Under Image Optimization ->  Image Optimization Settings:
Auto Request Cron: Off -> On
Auto Pull Cron: Off -> On
Optimize Original Images: Off -> On
Remove Original Backups: Off -> On
Create WebP Versions: Off -> On
Image WebP Replacement: Off -> On
WebP for Extra srcset: Off -> On
Under the Page Optimization menu item:
 CSS Settings -> CSS HTTP/2 Push: Off -> On
 JS Settings -> JS HTTP/2 Push: Off -> On
 Optimization Settings -> Remove WordPress Emoji: Off -> On
Note: If you're expecting very high traffic, you can contact us and we can enable our static file CDN for your site, this will help with the overall speed, since we can balance the traffic for the files over multiple servers.