Like EQ, compression is your best friend !
What you are doing is taking a track and squashing the loudest bits which gives the impression of boosting the quieter bits by allowing you to play the track louder with out blowing the roof off.
What a compressor does is look for signal that is above a user defined threshold. When it finds this signal (above the threshold) is applies a volume reducing algorithm which will reduce the signal by a ratio defined by the user. This ratio can be anything from 1: infinite (limiting or gating) which will flatten the tops of your peaks to very gentle compression, where not many DBs will be removed. At a ratio of 2:1, the compressor will remove one decibel for every two decibels you are above the threshold.
So controls:
Threshold (determines when compression kicks in),
Ratio (how much compression or volume reduction is applied after the threshold is reached.
Attack (how fast the compression occurs after the threshold has been released and compression is applied (for guitars I set this quite fast)
Release (how fast the compression is aborted after the signal returns below the threshold.
Level (an overall post compression boot in signal strength.
Easy !!!
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