Set each slider dial to the center. This provides a neutral equalization starting point.
Audition the sound from the neutral starting point. If you are equalizing a live instrument, have the musician play his instrument while you make a series of adjustments. If you are equalizing in the studio, select a specific track and hit "Play," so you can hear the effect of the adjustments on the audio.
Adjust the lowest frequency band first. The lowest frequency band is on the far left. Slide the dial marginally upward and listen for a change in sound. By listening how much the sound changes, you get an idea of what level of adjustment is required for a certain degree of equalization. For example, if the sound becomes bass-heavy and "muddy" from a small gain adjustment, you know not to make large adjustments to bass frequencies. If boosting the lowest frequency has a detrimental effect on the mix, cut the frequency by the same degree to experience how that sounds.
Adjust the next slider along. As you adjust the slider up, listen for increases in that particular frequency as well as cuts in other frequencies. Often boosting one frequency can hide another frequency. To mitigate this you'll need to either reverse the increase slightly or boost the frequency that got hidden. It's a fine balancing act.
Move each subsequent slider. As you adjust a new slider, make smaller adjustments to the previous sliders to compensate for changes in the frequency spectrum. Equalizing is similar to plate-spinning; as one frequency is boosted, another one starts to diminish.
Alter your analysis position. If equalizing for live sound, move toward the speakers. Sound frequencies behave differently according to the layout of the room. By standing in different vantage points you get a clearer understanding of the audio image in the room. If you are mixing in the studio, change your analysis position by introducing other tracks. For example, if equalizing vocals, bring up the drum kit while listening back to see how the vocals and the kit sit together on the frequency spectrum. It may be that the sound of the cymbals are drowning out the vocals.