Whichever method you use, the result will be a profile of your monitor with those settings. The next time you launch Photoshop, it will use your newly created profile. Do not change the settings on your monitor after you profile it — specifically do not change brightness, contrast, or color settings. If you do change settings or significantly change the lighting environment, you should repeat the profiling process.
The built-in screens of laptops are not ideal for obtaining good color matches with prints. Good color management requires a monitor that has been profiled, its controls must be set the same way as when the profile was created. Laptop screens can be more non-uniform (with different color and brightness in different parts of the screen) than high quality desktop monitors, and they are set very bright and / or with brightness automatically varying based on the ambient light. That is great for web browsing in bright light and coffee shops, but your prints will always look dark — or worse, sometimes OK, sometimes a little too dark, and sometimes far too dark.
Laptop screens, however, have improved greatly over the last several years. If you plan to use your laptop screen for editing images to be printed, and if the calibration device or built-in software doesn't guide you to a particular brightness level, try about 1/3-1/2 the maximum brightness level. Whenever you edit images, return the display to those settings, or you will be frustrated by poor and unpredictable results.
Make sure you have profiles for the printer and paper combinations you’ll be using
(do this when you first start using a new kind of printer paper)
Most inkjet printers today — especially ones meant for imaging rather than business use — come with reasonably good profiles for various types of paper made by the printer manufacturer, and those profiles are installed along with the printer software. If you’re using a new kind of paper, or a paper that isn’t made by the printer manufacturer, you will have to obtain a profile from the paper manufacturer’s web site or another source.
Do not use cheap ink in your inkjet printer
Inkjet ink is expensive — but for low volume, high quality printing there is no easy budget alternative to the printer manufacturer’s ink. Save budget replacement ink for word processing documents and spreadsheets with graphics. For color accuracy and consistency, use either the printer manufacturer’s ink or specialty imaging ink such as that made by Lyson (use of specialty ink will also require custom profiles — a printer profile is specific to the combination of printer, ink, and paper). Inexpensive store brand inks carry a high risk of poor and variable color results and significantly lowered print longevity.
Prepare a lighting environment near your monitor for viewing prints
(do this once when you set up your computer workspace).
You need a space near your monitor that has light suitable for viewing the print — preferably similar to the light in which it will eventually be viewed, and preferably near the monitor so you can look from one to the other. Generally that won’t be direct sunlight (which would make it hard to see your monitor anyway), and it won’t be pitch darkness (which might be tempting for viewing your monitor, but then you can’t see your prints). It’s often best not to hold the print up right next to the monitor because if there’s good light for print viewing in that position, it probably means there’s light reflecting off the monitor, which is bad. On the desk to one side is ideal.
No matter what you do, your prints will never match your monitor exactly, because: