if you don't have monitors, then the answer is yes...there is a lot to learn in mixing or mastering and at least the headphones will allow you to move forward. I mix with headphones for my own mixes and just recently discovered TB Isone, which allows me to get the resultant mp3 sound I get after exporting from Reaper, but in real-time before the export...a great time saver.
Bear in mind that headphones are not true stereo, they're binaural, so you might find issues in terms of translation of stereo imaging. I guess something like Isone would really help, but I've not tried it myself. Child
Strictly headphones? Mixing? Maybe some. Mastering? I say no way. Mastering is the finishing process, the polish and shine and finalizing of a song. Headphones are ok if that is all you have, but I would not feel comfortable, let's say, releasing a song for public consumption if the song never got reviewed and mastered on at least decent monitors. Prices are coming down, especially if you buy "last years models" of things. I say keep honing your craft and use what you have, but get some decent monitors, like KRK Rockits or similar, before you decide that something is actually done. Or bring it elsewhere if it absolutely has to get done. I spent years thinking that it was ok to not own monitors, and as good as my mixes sounded to me, they did not translate well at all. After a small investment and some time getting to know my monitors in my mixing room, I can quickly and reliably have a great mix. Good luck!
Would get you by but nothing really beats a decent set of reference monitors and a well treated room. Treated room being especially important...it makes your mixes translate so much easier it's worth the money saved and spent. If you must mix on headphones, I've heard alot of good things about although I haven't used it myself. (Would still rely on monitors though ;) )
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....my advice would be to listen intently to all your favorite commercial mixes. Study them, through your headphones, so you know how "they" translate. Then, when you do your mixes, try to make your mixes match what you heard in the commercial releases. Know what I mean? That said, it is best to have a good pair of reference monitors, even then, the above described practice, still has merit.
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You cannot master with headphones. You wouldn't take a recording of Sokolov playing a Bosendorfer and use a VST to similate the sound of a Casio play-along keyboard while you mix. When you master, you are saying this is how it is supposed to sound when all conditions are perfect.
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