Polishing/rubbinb Compounds

I'm seeking a savant in the area of polishing compounds. I have never used them before this year when I used Turtle Wax#7 polishing compound for the hull and cabin tops. It worked spectacularly, taking off all the little remnants of paint from other boats, docks, etc.

So the question is, how much of the finish did I take off? Are there some caveats to using this stuff? I figure if it can be used on an automobile, my finish is safe. Is this so? Or will I be through the paint and the gelcoat next year?

Theis
I polish and wax my O'day-I know, I know, every year. The bodyman in the family sez to use enough polish to keep a cool and slippery pad. Just buff it enough to put a gloss on (and remove scuffs) and then protect it with the wax. I think your arms will get tired before you actually go through the gel coat. Tony G