Is there a specific method to create missile sound effect? What should i record and which plugin types should i use on it? Beyond the basics. Reverb, flanger maybe?
Assuming full sequence here and most of these are just ideas.
Launch sound: Imagine something that makes "schwoo". If you want to completely fake it I would imagine samplerate automated pompom swing to work. Add reverb both after and before the samplerate automation. If you are starting with sample libraries then use samplerate automated explosion and cut or fade the start of the sample.
Missile flying: Burning sound (for fake solution crumble some paper, aluminum foil or soft plastic bag), wind (easy to fake by blowing to dynamic mic), maybe add synthetized low end. Smashing everything or some of the source sounds with distortion and/or limiter usually works. Sync to picture by creating doppler effect with samplerate modulation or doppler effect plugin. If it's for real time application modulate samplerate depending of how fast it moves towards or away from camera or player.
Explosion: Faking explosions is hard and there are probably threads about those here. Sorry, I would just use explosion samples and slap them together until it sounds good.