You can get away with a good set of monitors in a reasonable sounding room if you listen to quality reference material as well. It is important you know how a great mix sounds in your room first. Then it is possible to match your mix to that.
Mixing on headphones is OK only if the headphones are excellent quality. Yours had no mids and highs so you pushed the EQ in order to get that guitar sounding good in your phones. But other systems revealed what you had to do in order to get it sounding that way on your phones. How does really well produced acoustic guitar recordings sound in your phones?
Anything under $700 to $900 is sort of a waste of time on phones. You have to get serious in terms of what you spend there. A great set of open backed phones can approach excellent sounding monitors. A decent headphone amp is also required now once you get to this level. Not the crappy headphone output on most devices.
Also there is software and hardware that can put the phones into a room and transform the sound into monitor speakers. That will only bring you closer to an excellent monitoring experience. And with extra cost as well.
I agree with
batsbrew on using phones for certain tasks and using speakers ultimately to mix on. I don't agree with the idea of doing dozens of mixes. You can get away with only doing one great mix if you can mix well, have reasonable speakers in a reasonable room and listen to other great mixes regularly especially in the genre you are working with. You need to switch back and forth quickly and often while you mix. Also the pro mix playback level has to be lowered to match your mix levels perfectly.