+1 to above posters.

I wouldn't rattle can anything but a frame; and only if it's a beater bike. Factory paint jobs (assuming you cheap out) tend to last much longer and wear better; so unless you REALLY don't like the colour or your bike's REALLY f***ed up, don't spray it.

The result of rattle can will look good if you're the type that brings bikes inside the house and takes immaculate care / doesn't ever crash / doesn't lock it up anywhere, then it'll stay looking good for longer.. but elsewise, it's not wise.

EDIT: To answer the actual question, though, I sanded / wire wooled it down pretty good to show bare metal. 2 coats of primer, 2 coats of red, 1 coat of satin black and a coat of matte black.

This is on my beater bike that I hardly ride, though. My experiences weren't the best so the amateur worksmanship shows in the nicks and croonies, but I do like the way the paint wears with my bike. If it gets chipped it shows a little bit of red first before showing metal. Personal preference.