depends on how fresh the paint is. Don't wax fresh paint for 30 days, after that, wax until you're heart's content.
Think of buffing compounds like sandpaper, because they basically are just that, Micro abrasives.
rubbing compound - roughest
polish - less rough. Takes the compound scratches out
glaze - finisher, lessens polish scatches
Glazes are applied by hand, and may need to be gone over multiple times to get the desired finish.
They make another compound that can go in between polishing and glaze, basically a finer polish to apply after the first polishing compound. It's basically meant for buffing a black car.
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