In Ableton Live you need to route a track to a send return if you wish to make it pre fader (or if you want to make it toggle between pre and post fader).
To do this first make sure you create a return track (Create / Insert return track)
Then add an effects device to the return track (if you want)
Turn up the respective Send on the audio or instrument track you wish to add the effect to.
Toggle between Pre and Post fader By clicking the corresponding yellow button on the master fader that says (defualts to) Post