In a nutshell this is what you want to look for
1) Lift (cold front or pre-frontal trough for example)
2) Rich low-level moisture (sfc dewpoints > 60-65 and sufficient moisture through the lowest 5,000-7,000 feet)
3) Instability (to fuel thunderstorms)
4) Wind shear (to help with updraft strength and organization)
There are plenty of links I can send along later. There are plenty of parameters which can be assessed when determining the potential for convection and severe convection. While parameters are certainly helpful to look at and can give a great idea, everything needs to be factored together. Perhaps one of the more overlooked aspects of convective forecasting involves your lift/forcing. You can have 5,000 J/KG of CAPE but if your lift/shear suck it's going to be tough to get widespread severe weather. Meanwhile, you can have 1200 J/KG and tons of shear and get significant events.