How did you learn to hear differences in compression?

For instance, I remixed this song (I feel I could have done better). I know there are several things to improve which is why I uploaded this. I tried to compress, but I don't know what to even desire from compressing. I tried researching but I don't know what to listen for. If I knew what peopel look for in a good compression I wouldn't be so confused.

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(Also yes I took a curse word from the song)
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This is not really my genre, but I've listened to your mix anyway, and I think it sounds just ok. 

The problem is that it doesn't really stand out because it lacks punch for this genre. That's actually one of the main reasons to go for compression. Compression is used to turn down the loudest parts of a track, so that the overall level of the track can be brought up. 

In your case, I think your rhythm section (drums and bass) can be brought up in the mix, it would sound better.
If you just bring the drum levels up using the fader, there might be certain transients like the kick/snare that sound excessively loud and may even ruin the mix. For example compression on the kick can be used to push these loud transients down, without affecting the lower levels of the kick sound in the track. That will allow you to bring the overall kick level much higher. You could do the same with snare and the other instruments that you think should pump in the mix.
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Good question. I'm always struggling with compression myself but there are many Youtube videos that aim to give you further insight. It is not only about volume.

Listening to your mix:

I instrumental part doesn't sound "transparant".  Not sure how to best fix this, but nowadays I tend to remove a few db around 500Hz for many of the tracks. Perhaps this helps to make the mix more defined.

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Thanks for the advice guys!