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How to setup SNMP traps properly?

I'm not sure I understand how I'm supposed to configure SNMP trap monitoring, so I have a couple questions:

1.  With a typical device, there might be 200+ different kinds of traps.  Assuming that I want to monitor for 50 of those, am I supposed to add 50 SNMP trap monitors to the device? 

2.  Is there a performance cost to having so many trap monitors?


I've attached an image showing how I setup a device monitoring our air conditioner and the related SNMP traps.  Any help would be appreciated.