There are multiple systems. I have used Chemical Guys (now carried at our Walmart), Marine 1, 3 M, and Fleet Wax. For a quick touch up, I have used Mcguires paste wax. Pick one system and use their products.
For a polisher, the Mikita 9237CX3 or 9227... You want the one with hook and loop plate. I have wool, and a number of foam pads. You need the wool pad cleaning tool (spur) and some of the cleaning liquid.
Do a google search on site: The Hull Truth.com for detailing or polishing waxing. There are a number of very good (several professional detailers) who post there.
The cheaper polishers will not keep the RPM up when you press down had really get to compounding. Many (including myself) have tried the "Chicago $49 polisher" from Harbor Freight... They just don't cut it when. you need the power.
Dewalt, Porter Cable (someone made off with mine, so I bought the Mikita and don't loan it out....). As well as Milwaukee. Stick with the top name brands, and you want a constant speed--variable speed.
I also have several cheaper random orbital for the final finish--several 5" and one 12". I also use 2" pads in a right angle Ryobie drill for tough to get into areas.