You have your ratios set, but thats not all there is to compression. It will vary with the individual tracks but lets say I have a vocal track, and I am watching the meter and it has a range from -20db to -8db as the peaks. If I set the compressor to start working 12:1 at -8db it wouldn't really do much. If I set it to start working at, say, 4:1 at -18db, it would be balancing out the track much better. This is just an example.
But compression isn't really the key to solving loudness... especially when recording digital. When recording, record as hot a signal as you possible can without clipping. If you have a hardware compressor or limiter, it helps to use it just a bit when recording, so you can get a good hot level. The louder your original track is, the easier it will be to work with later in the mix. Also, maybe you actually want more sound in the mix. Doubling guitars and panning them makes the sound really expand. In some cases, doubling, tripling, quadrupling, vocal tracks also expands the sound. This is dependant on the music which you are producing.
Look at your mixes in a wave editor. If you have a thin line with lots of peaks sticking out, you're getting a pretty thin sound. A fat hairy caterpillar looking wave is what you are going for. Though, as has been mentioned alot around here lately, there is a limit to exactly how big and fat you want that wave form to be. When you start chopping off all the peaks, you are doing too much....at least for some people.
hope this helps some
H2H