what i do is set all the individual track volume levels so that the transients go to about -12 db .... 
then anything that needs to be made a little bit louder i will compress....
i usually compress the kick, and snare add a noise gate and stick a parametric EQ on them ....my drum overheads are usually pretty loud on their own .... 
i also compress the bass guitar and EQ it so that it sits nicelyy with the kick drum ...
distorted guitars i will roll the bass off them and if they aren't loud enough i will make a duplicate track and compress it and set them on top of each other ...that usually beefs them up a bit ...
vocals - doesn't do any harm to add a bit of compression ...lol 
then once i have the overall track's master volume not clipping i will bring the master volume down about 6 Db ...
then i create a stereo track of the enitre song and use T Racks to Master it lol .... yes T Racks is a toy ...but it makes a hell of a difference to my mixes  
 
oh and by the way i am by no means an expert ...