Pro Audio

The Art of Audio Compression (Pro Audio Tips)
Compression
Compressing your mix makes the individual tracks take up less (dynamic) space without losing their sonic impact. You've probably heard the phrase, "Punchy Mix." Stereo compression is a key element in making your mix more "punchy." EQ'ing the stereo buss - the two wires that funnel all the various sounds from your mixing console to your 2-track recorder - is generally discouraged. If you add bottom end to the whole mix, you're also adding to the vocal, the cymbals, percussion, etc.

Mixdown & Mastering (Pro Audio Tips)
As you build your mix, you should occasionally check your levels to the recorder (see "setting 2-track levels") When you're ready to push up the faders (i.e. ready to listen to the tracks), you have a couple of options: 1) if you have a full arrangement (e.g. vocal, guitar, piano, bass & drums), imagine you're building a house. 2) If you have a relatively sparse arrangement (e.g. acoustic guitar, vocal and violin), start with either the vocal first or the most important supporting instrument.
The more tracks you have recorded for your song, the more information there is competing for space on just two tracks when you mix down.