Assuming you mean young children, I am not sure there is a BEST way to discipline children as each child is different and have different temperaments. While I do not discourage physical discipline, I think it should be a last resort. The goal of discipline is not to punish but to teach. Perhaps, beginning with denial of privileges and so forth.
As others have pointed out it is never advisable to physically discipline a child when angry because then you become a kind of "bully" to your own child.
Also, be satisfied that the child understands why whatever teaching mechanism you use, is being used.
Hope this helps in some way. I have great admiration for all parents of young children as your job is the toughest in the world.