Using compression while recording isnt recommended, I usually make an exception
when I record vocals. same goes for EQ or any form of processing for that matter
( distorted guitars is another exception )
Use Compression in the mix to make tracks fit into the mix better, or as an effect.
but compression isn t gonna make your recording good if it doesn t sound good from the source, the secret in professional recording is a combination of good players, good instruments, good tuning. Each of those are equaly important.
I started my career in audio in a big professional studio as a runner, going to assistant engineer, to full engineer, I had everything you could dream of to play with, but it was only until I also started working on my own projects in little studio's with sometimes no outboard gear at all that I learned how to track properly and recognize the importance of the sound BEFORE it hits the mic ( ok I admit, seeing other experienced engineers working helped me aswell :-D ).
Of course, good miking techniques are also important.
Once you master these, then worry about putting money into outboard gear
So my advice is: learn to listen, learn to track and make it sound good without
all the wistles and bells you have.
It is just the musician, his instrument, the mic ( + position) and your ears...
the rest is just like the topping on the icecream