I use 3m rubbing compound it is liquid. To get a higher gloss than just a spray coat than a rubbing compound works real good. I agree that you dont need a hight gloss but it sure helps make it shine. I forgot to mention I use wet dry sand paper before buffing. I start with 400 or 600, then 800 then buff.
Bow Man is correct a coat is several light coats equal one coat. For a takedown bow I weigh up 25 or 30 grams of material and apply several coats until it is gone, then repaet after a few hours.