Do you have Unlimited RT on? If so is there an Orange line above your footage in the timeline? Unlimited RT will attempt to play your footage even if your computer or sequence is unsuited to doing so. To manage it, FCP will degrade the quality and drop frames.
As a general rule of thumb, I don't edit in Unlimited RT unless I need to look at something specific that would otherwise take several long renders.
On the upper left side of your timeline is a button that says RT. Click on it and then choose SAFE from the menu. Render your footage.
Andy