What you are doing is tensioning a bolt, in reality stretching it. You do this
Torque is simply a measure of the twisting force required to spin the nut up along the threads of a bolt, whereas tension is the stretch or elongation of a bolt that provides the clamping force of a joint. Bolts are designed to stretch just a tiny bit, and this elongation is what clamps the joint together. Torque is a very indirect indication of tension, as many factors can affect this relationship, such as surface texture, rust, oil, debris, thread series and material type just to name a few. There are tables that will tell you which torque value to use for each bolt/lug-nut size and lubricated vs dry.
This is one example http://www.countrytrailer.com/WNDisplayItem.ASP?NUMBER=25
I use antisieze and the lower torque value, take the lugs to 10 foot pounds below value do one sequence then 5 below and the final tightening.