First I think it’s important to understand the difference between polish and car wax, usually called polish because… well… polish as a verb also means to cause to shine.
Polish to a car painter means a compound carrying a mild abrasive, like your toothpaste does. There are varying levels of aggregate. If you stop by the local PepBoys and look in the paints department, you’ll find a range of levels.
“clear coat safe” “polishes” do not contain the abrasive needed to remove transferred paint.
“Rubbing compound” is too abrasive unless you plan to follow it up with finer levels.
Never use rubbing or polishing compounds in a straight line. Always go circular. And always be sure the area is very well washed first. I prefer a very clean, wetted sponge for the task, especially for the final steps. The parts store may have a how-to book, and that may be a good investment for you.
And yes, you will have to wax the area after.