It's the tools
Get the best and biggest buffer you can afford. Make sure it is variable speed,One with the right pads. Now you can use what ever compound you want -- but remember the more grit the more you take off, the less grit the less you take off and some people will tell you not to compound at all. Personally I use the 3M micro grit -- not available at most typical boat stores. They usually have the 3M super duty grit that I believe is too heavy for most boats. Some automotive places carry the micro grit. You may be able to get it from the WEB. Spread on the compound according to directions but over a three or four foot area and buff it all the way (while it is still wet) out so there is none of the product left on the the area. Do the entire boat. Now, get the best wax you can afford -- check out Practical Sailor, they recommend Collinite paste Fleetwax. It is for marine and aeronautical finishes, nothing like it ever before. Personally, I use the Collinite No. 870. (it used to be the best) One bottle of this does my 320 with some left over. If you can't compound with a buffer, you won't get the best finish. I put the Collinite on with a wet sponge and wipe it off with an old towel, but you can buff it. I showed my son this process and he used it on his 24 year old boat and it looked new -- just as my 320 does when I get done. If your gel coat is worn out you may not get as good a finish. The wax lasts one year easily and you may not have to compound again. Do not use any kind of soap that will take the wax off. (i.e., Simple Green) I use Limon Joy most of the time. When you are ready to start over, you can use fantastic to take the wax off and prevent wax built up. Give it a try and best of luck. Everyone has their own process, this is mine and I've used it on three boats. Paul