I believe there is a useful setup order and it is this. I wrote a detailed thread on this a while back but cannot seem to find it now. If I do I will post a link to it.
ARRT being Attack, Release, Ratio and Threshold in that order. Doing it in the right order gives a much better result. This approach even makes an average compressor sound better.
Attack first. Set the threshold low so it is working. Ratio can be anything as well. What we are hearing here is how much you are destroying the attack transient. So the idea is to set the Attack so that it sounds good for what you are after here. Slower attacks are going to let more transients through. Faster attacks are going to jump on the signal quick and destroy that all important leading edge to the sound. In Limiting mode very fast attacks will jump on the signal and do its job well. But in other situations you want that snare crack or kick click to some through nice with slower attacks. In mastering you will generally slow the attacks down to let the attack transients in the music shine through a bit.
Release, get a feel for how the comp returns back after its gain reduction. Think groove of the tune. Start by calculating the time per 1/4 note. Start there.
Ratio Decide on this now. High for limiting, low for mastering in other places to adjust the amount of gain change. Smaller ratios make the sound bigger and higher ratios can make the sound smaller. I start with lower ratios and work up. Ratios under 2 are interesting as well.
Threshold finally this one. Simply lower now for the desired overall effect and how much gain reduction you are after. High slamming gain reductions can be fun too but often low amounts of GR like -2 or -3dB are very good and work very well. Transparent comp sound here.
After you have done one run through then go back and do a check on all of things again in the same order for fine tuning.
Makeup gain is just there to get the output level of the compressor matching the input level and it is an important control too. You can add gain to a signal at this point too. A good starting point for the amount of makeup gain that is required is add the same amount here as you experiencing with gain reduction. If you going for say -3dB of gain reduction then add +3 dB of makeup gain. It should get you right back in the ball park of the input level.