sharris' answer is a good one.
The important thing is to understand what you are actually measuring when you use each of the two methods.
In incident mode, you are actually measuring the light that illuminates your subject. If you follow the incident meter's suggestion, when you look at your developed negative later, shadows will come out with the density that will print as shadows, 18% gray will come out with the density that will print as 18% gray, and highlights will come out with the density that will print as highlights. If your scene has a wide range of reflectance, the incident reading will give you a negative that at least approximates what you want.
The problem that you will sometimes need to deal with is that film (and paper) have a more limited ability to deal with a range of brightness than your eye does. For that reason, you sometimes have to adjust exposure and/or adjust development to include everything you want in your negative in a form that is easily printable. Also, some times you are really only interested in part of the range (e.g. the highlights) and are willing to sacrifice the other end of the reflectance range. You use a meter in reflectance mode to measure how much light actually reflects off of that part of the subject, so as to inform yourself about how much you may need to adjust the exposure as compared to the incident meter's reading.
I also use a meter in reflectance mode when I cannot take a meter reading from the subject's position, and it is clear that a different amount of light is hitting the subject as compared to where I am.
It is probably an excellent idea for someone new to the metering game to take both incident and reflection readings for each subject, and then compare them. In that way you will gain experience on how different subjects affect reflectance readings. I use that experience whenever I'm using an in-camera meter, and need to consider how to adjust exposure to compensate for subject reflectance.
By the way, one of the best ways to build this type of experience is to shoot slide film, and take lots of notes, and project the slides. Properly processed slide film removes the issue of development variation from the equation, and due to its inherent narrow latitude, it really shows whether or not your (highlight) exposures are accurate. If you can expose slide film accurately, and understand the difference (extra latitude) that negative materials gives you, you are set
.
Matt