First, you shouldnt need rubbing compound for a new car. That is something you will only need for serious problems on your paint. Most new cars today are reay to be glazed and waxed by the time they reach you.
If you run a search, you will get a plethora of information, alot more than I can answer for you in one post. I would also recomend downloading the e-book by David Bynon. It has a wealth of detailing information.