Mastering is all about monitoring.  Good monitors, good ears, and a good room....
 
Only part of the story. I strongly advise you to read the Bob Katz book on mastering.
 
Mastering is just not one track but often an album. It is also about selecting a track from a whole album and choosing a track that best describes the sound of the album and mastering that one first.
 
It is also about precise editing in a quality editing program before any mastering begins. Many things can be done there. It involves the use of overall EQ to shape the sound of that first track. (low end, the rest of the spectrum and the high end too) Then compression settings that come after and finally limiting of course.
 
Once that first track is done you master the others but have it in all sessions so you can compare the other album tracks to it. That way the tracks will all sound more coherent. It is about setting overall levels of all the tracks in relation to one another. The space between the tracks and of course the track order.
 
Important thing to do as well is always be able to monitor at exactly the same level in the room (at precise SPL levels too!) the totally unmastered track and the final mastered track. That way once the volume difference is out of the equation you are only left with the sound of the mastering. Many times when you do this the mastered version sounds worse! Your job is to improve and make that unmastered track sound better.
 
It is also essential to listen to very well mastered tracks in your monitoring environment to hear what a great mastered track sounds like. And in the genre of the music you are mastering. A Jazz album is on another planet compared to an aggressive Hip Hop track!
 
I have found most DAW's have the tools but for the finest mastering situations I have had to invest in extra quality expensive tools. (VST's) They sound better, simple as that and do the job better. You will get a better job with a high quality EQ, compressor and limiter. I have invested close to $750 for those three things alone.
Hardware is not required. Nice to use for sure and I have used some serious hardware mastering tools but I have also matched that sound all ITB. You just need the right tools to do it that is all.
 
You MUST have VU meters to master properly. Loudness meters, yes great too. Without these you are lost in the dark, period. (Note EVERY Mastering house on the planet usually has VU meters somewhere! What people don't know about VU meters is that the way they move with mastered material is a serious clue as to what is going on. ie how they dance to the music. Really nicely mastered tracks all have a similar VU meter ballistic in common. Something even loudness meters fail to show to a certain extent)
 
It takes great skill and lots of practice. It also depends on the quality of the mix you get to master with before you start. If it is below par I don't even do it. I only master the best mixes. That way you are actually doing not much at all and just lifting that great mix onto another level. It also makes you sound great!

Jeff Evans
 
I have found most DAW's have the tools but for the finest mastering situations I have had to invest in extra quality expensive tools. (VST's) They sound better, simple as that and do the job better. You will get a better job with a high quality EQ, compressor and limiter. I have invested close to $750 for those three things alone.
Hardware is not required. Nice to use for sure and I have used some serious hardware mastering tools but I have also matched that sound all ITB. You just need the right tools to do it that is all.
 
 

Thanks Jeff, and good post.  The above extracted from your post helps confirm my thoughts as well.  Where as a $7500 piece of Manley rack gear (as just ONE item) might be expected in the *serious*, top end professional setup along with $75,000+ in some monitors (not to mention the room), I'm aspiring to a much lower level at this point and totally realize my limits.  However, this thread is providing great feedback, in that tools like Sonar, an assortment of nice plugs, and some "affordable" speakers WITH ears that know them, can be a workable situation.  I'm dealing with a $75,000 dollar tracking facility mainly at this point, and feeling what I have to offer is in the same ballpark, so to speak.  I'm not taking stereo mixes from Ocean Way Nashville and thinking even my converters will not do any harm!
Again, I totally agree and understand your remarks and appreciate your thoughts.
That said, I do find programs like CD architect to be "right up there" and a crazy affordable part of the "solution".
Thanks again, all....
Chris

btw... I AM looking to upgrade many items over what are listed in my sig.  I'm just trying to decide how to really "invest" in my next major musical purchase...and including this train of thought, seems like a good idea as well.
Barefoot's new speakers......$20K.... well maybe not them...   ;-)   but we'll see. 

bitflipper
The standard formula for on-line mastering services:
 
1. Use a picture of somebody else's studio.
2. Build a slick web page with animations and made-up testimonials.
3. List equipment you've read about on the Gearslutz mastering forum.
4. Use terms such as "competitive sound" (which has superseded the obsolete "radio-ready").
5. Include audio samples where the original is at -20dB RMS and the "mastered" version is at -6dB with gobs of bass. They should preferably be hip-hop and EDM examples, to attract a young (read:gullible) clientele. It also helps if every word ending in the letter "s" ends in "z" instead.
6. Offer to return files in 320kb/s MP3 format, so they'll know you're a pro.
 

 
7. use ozone with preset rock master and crank the loudness until the wave/mp3 looks like this...
 

 
Herb, for about minute I thought I was looking at a simple graphic done in Microsoft Paint, aww man I need to buy new glasses. :P 
 

I'll give you my take for what it's worth. I use Sonar to master in every day and am not ashamed to admit it. I also use other programs too because one program does not do it all for me, and I have just about everything under the sun.
 
The one thing to remember here is the level of subjectivity in this field all across the board. What you THINK may sound better to you, may not sound better to someone else. That doesn't mean they are right and you are wrong. It means that you may not have hit the side of them that made them like your work more.
 
You also have to know how to judge someone's mastering. We can bash things all over the place, but none of it is credible unless you can actually hear the REAL final mix vs. the the master. Sometimes your job is to maintain the final mix while adding polish, other times you literally have to sculpt the master. All the stuff bitflipper mentioned about most online mastering place is so true, it makes me sick...and it is also why I don't advertise or even show any pictures of my places. I've been word of mouth since 1999...I like it that way and my doors are always open to people who decide they want to come and hang out...as long as I'm not working that is. :)
 
I'm not ashamed to say I barely use any outboard gear anymore. Why? I don't see a need and have since sold all of the pricey stuff. I had the Manley Massive Passive....one. Price = obnoxious. I got it in the UAD card....price = cheap, sounds nearly the same and not enough of a difference to keep a $4000 piece of gear when I can use several if need be for way less.
 
There is no proof that outboard gear makes a difference for the better other than in the ears of the beholder that prefers pieces like that. So don't ever let that scare you, mix. I do jobs for some pretty big people over here and work with engineers with Grammy awards. They know what I use and love me just the way I am. I record, mix and master for individual clients and recording studio's from all over the world. I do forensic audio for local cop shops and the FBI and we do just about everything you can think of other than video shoots. I'm not using anything secretive other than a few of my techniques which are borrowed and embellished on. I use really good plugs, really good programs, great monitors, my rooms, my know-how and my ears.
 
That said, you have to keep in mind that there are other things that go with mastering that people don't think about. You are the last person to work with and review this material. There is a lot riding on the decisions you make. Most people look at mastering as just eq, leveling, limiting to insanity and then shipping stuff off. There's way more to it than that which I'm sure you are aware of.
 
The most important thing people don't realize is....the pre-master editing. You are responsible for every little pop, click, glitch, oscillation and artifact. Without the right ears and knowing what to listen for, someones recording could suffer. I go through an intense listening and editing session for every piece of music that comes through here. Nothing gets by me....NOTHING. I can hear two gnats screwing in another room...trust me when I tell you. Though I'm not proud of that ability because these horny gnats can get on my nerves, it is nice to have near animal hearing....especially in this field. :)
 
I can't tell you how many butts I've saved due to engineers missing things. Effects that ended up mono that shouldn't have been, lack of detail when crossfading, pops, clicks, little 60 cycle hums, hiss, rattles, drum sticks hitting mics, plosives in vocals, fans, motors, pick up hums, guitar effects artifacts...and anything else that should not be on the track. If I can't fix it, it's up to me to alert the mix engineer so he can fix it. So there are way more things that go with this job than people know about. This, in my opinion, is what makes a great mastering engineer. Someone you can trust with your life that you know will have your back. When it passes his/her tests, you know it's right.
 
I have some of the toughest clients of all time. Well, they aren't so tough anymore because they don't need to be. They ran me through the ringer at first. Once I gained their trust and they saw I was in it to win it and not just for a paycheck, everything changed. They drop stuff to me now without even checking me. That means a lot to have gained that much trust. In turn, I have to be even more careful because NOW I REALLY have to deliver the goods.
 
I'm telling you all this because if you really want to win someone over, these are the qualities that can do it. So if you really want to help this studio, do it so good, it's like having a good intern. I had an intern that was so good in my studio (he was studying to be a nurse) when he was leaving I offered him a job paying him more money than he would make as a nurse in his first 4 years of nursing. Needless to say, he took my job and is still going through nursing school. He was so incredible I couldn't think of my business without him being a part of it. So...when you do something brother, go all out and do it right. You never know where it may land you. :) Good luck mix!
 
-Danny

Mastering is all about monitoring.  Good monitors, good ears, and a good room....
 
Only part of the story. I strongly advise you to read the Bob Katz book on mastering.

 
I've read it.  It has some good tips, but a book does not a good mastering engineer make.    
 
Without being able to hear the detail more precisely with better and more personally calibrated monitoring equipment than the recording studio, and without the experienced ears to identify problems others are not listening for (like Danny said) you might as well not bother trying to do it.  The rest are just tricks of the trade.  

And now ladies and gentlemen the really good news:
 
http://www.slate.com/blogs/future_tense/2014/01/06/vinyl_lp_sales_hit_22_year_record_in_2013_digital_music_sales_down_chart.html

i say jump in and start.
 
knowledge is always more important than the equipment being used...
that said, someone with great knowledge, and great equipment, you can't compete with that.
 
 
but, nothing is stopping you from learning and going for it.
 

bitflipper
The standard formula for on-line mastering services:
 
1. Use a picture of somebody else's studio.
2. Build a slick web page with animations and made-up testimonials.
3. List equipment you've read about on the Gearslutz mastering forum.
4. Use terms such as "competitive sound" (which has superseded the obsolete "radio-ready").
5. Include audio samples where the original is at -20dB RMS and the "mastered" version is at -6dB with gobs of bass. They should preferably be hip-hop and EDM examples, to attract a young (read:gullible) clientele. It also helps if every word ending in the letter "s" ends in "z" instead.
6. Offer to return files in 320kb/s MP3 format, so they'll know you're a pro.

LOL... that is the formula for any upstart company (sans industry specific comments). So many company web sites have content that is not theirs at all.
 
But on a serious note... everyone has to start somewhere, and from there you learn. If something is where your passion lies, then pursue it and learn anything and everything you can along the way.