Familiarize yourself with the controls of the parametric equalizer. Each frequency range has three controls: a frequency control, a Q control and a gain control. The frequency control enables you to select a frequency as a starting point. The Q control enables you to widen or narrow the frequency range to manipulate, and the gain control enables you to cut or boost that frequency range.
Play the individual track alone by clicking the "Solo" button on the track. This will enable you to better hear the qualities of the track.
Reduce the low end of most instruments by cutting a wide range of frequencies below 200 hertz. This would include most guitars, vocals, horns and strings. Solo each instrument, reduce the low frequencies centered around 100-150 hertz with a starting Q of 10 to 12, then widen or narrow the Q until the track sounds right.
Increase the distinctive, pleasant frequencies of an instrument by boosting the gain about halfway to maximum, setting the Q to a wider range and sweeping the frequency control up and down until the instrument's strongest frequency range sounds very pronounced. Then adjust the Q and gain until the instrument sounds best. Don't overdo gain boosts; too much gain can make an instrument sound processed.
Reduce harsh or clashing sounds by setting the Q control to a narrow range, boosting the gain about halfway to maximum and slowly turning the frequency up or down until the harshness is amplified. Then narrow or widen the Q range and cut the gain until the instrument sounds best.
Listen to the equalized track within the entire mix to ensure that your changes work with the other instruments. After making a few adjustments, play the track again without equalization to compare the changes. You may have to make several adjustments to get the track sounding just right.