I've been selling polishes and car care gear for nearly ten years and use pretty much all of them (well, on the Aussie market anyway) and my first bit of feedback would be to ask what you want to achieve.
A compound is usually rather harsh, so I assume you bought it because you're paint is really bad?
1. First of all, a polish cleans the paint and usually removes scratches, a wax should then protect it.
Now this does make it hard to understand when so many companies say they're products do both but don't believe the hype. You wanna do it right, so buy the right products for the job.
2. Put your buffer into the cupboard and lock the door.
More harm usually comes than good with power buffers. Unless you know how to use it, 99% of the time you're causing yourself more work and getting less results.
3. Buy quality products. Ten years ago I would have backed a Turtle product but I feel they've dropped the ball the last five or so years. If you love your car, buy a decent products like Meguiars and use them. They constantly push the boundaries and constantly improve their products, unlike a huge amount of products on the market.
4. Check you're doing what you need to be doing. Does the car actually need a polish? If it's nice and shiny when clean anyway, just wax it so it protects and gives you a longer lasting shine. If it's a bit dull, buy a lightweight polish. If it has fine scratches buy a fine scratch remover. Don't expect any product to do magic, they just don't.
5. Make sure the car is super clean, and cool (do not polish or wax in the sun, even if the product says you can).
6. Stop being lazy. Use your hands. Use an applicator pad or foam pad to apply the wax or polish on, doing small areas at a time (done properly a car like ours would take a good two hours to polish). Let the polish or wax sit for a short period (10-15 minutes while you work on the next panel) then buff off gently with a microfiber polishing towel or a soft cotton cloth.
Start with the roof, then bonnet, boot then doors and guards. Take your time.
7. Run your hand gently over a buffed panel and 'feel' the polish. Is it smooth? Is it easy to run your hand over it? If not, do it again.
8. When you're done, clean your windshield (externally) with mentholated spirits or vinegar to clean it off, then use some polish to polish your glass. Your wiper blades will last heaps longer and rain will run off your glass much faster.
9. Crack a stubby and sit back and enjoy looking at your shiny beast
If you can access Meguiars products lemme know, I can recommend some great products (although I usually prefer to see the car to check the paintwork).