YES … stay out of the red. PERIOD!
1) RED = BAD
2) 0dB Rulez!
If Dubfire runs his mixers meters into the red, he’s an idiot when it comes to audio.
You want 0dB average signal level. So you set your gain to go into the 2-4dB (usually the next one or two LEDs) on peak moments and the 0dB LED burning mostly continuously. At this setting you can just run your channel faders to the stops and know that each track is gained equally. And that you are sending 0dB average signal into the rest of the mixer. Then keep your master output at a maximum of 0dB average as well and the PA gets a nice 0dB input. And assuming the PA is set up correctly, you can now play at the best possible sound quality at the correct level with plenty of headroom (like shouting into a microphone LOL).
In analogue (like your mixer) it’s semi-forgiven if you over power a tad, it can handle that. In digital 0dB is the absolute maximum, hit 0dB and clipping starts – no question. I prefer running my tracks through Platinum Notes and let it change my gain to a set level. That way I stay in the clear regardless of the limiters in my software (which I have switch off anyway).
Limiters by the way are a stop gap. They will prevent your material from causing clipping/distortion because of being louder than 0dB. Unfortunately this means extra compression on a signal that is already overcompressed to begin with (see articles on loudness war), which means it will sound even more flat/wall of sound without definition than it normally would. Another reason to make sure your source material is at a reasonable gain level to begin with, then control the 0dB level throughout the signal chain and everybody should be happy. And trust me, the sound engineer sees you doing that stuff, you have a friend for life!
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