While not an expert in these matters, perhaps I can state it in simple terms and concepts.

Conformed clothing has bones built into it that match the bones in the underlying character. When you conform one item to another, you are telling the bones in the cloth to mimic what is going on in the base character.

V4 is a mess in that to make some of the conformers work right the designers had to add a large number of tiny magnets to her body to make some of the changes in shape. To make the clothing track THOSE changes, one must apply the V4 magnets to the clothing. This is peculier to V4 and not required in most other characters that I know about.

Dynamic clothing has no bones of of their own. They are simply shapes. You pose the character fully zeroed and load the dynamic garment on top of it, making sure that there is no poke through ANYWHERE. If there in pokethrough, you must adjust the figure so that the poke through is resolved in frame 1. Next, go to frame 30 and fully pose your figure. Note that the dynamic clothing will not bend with it. This is completely normal.

Call up the cloth room. Click the option to create a new simulation. Take the defaults in the beginning. As you have problems, the other options become important. Select the item to clothify. Next, select the objects (body parts) to colide against. This would be every body part that will touch the clothing item when it is shaped to the character.

Once you do this, run the simulation. You'll see a very slow animation of the figure going from the zero position to the posed position. The clothing should be following it.

When you render, render frame 30.

There's a pot-load more to all of this, but this is the basic concept. Hope it is of some help.