This step by step is assuming you're using a base coat/ clear coat system.
Make sure when you're final clearing to add an extra coat or 2 and above all, take your time with the clear application to avoid runs and sags. It's easier to sand out orange peel than it is to shave off runs --
1. Determine the proper "window" for color sanding and buffing. Check your tech sheet for times and temp for this and remember the warmer your booth, the quicker the clear will set up. Since I don't have a regulated booth and paint from 40 degrees up to 100 degrees I use the finger test - after at least 4 hours of cure time press your finger on the clear - if your print is still there after 30 mins wait a while longer - if it's gone or barely there - start sanding
2. Depending on how bad of a "paint-edge" you have will determine what grit to start with - I wouldn't go below 1000 and if starting with that, try to just hit the bad edges and leave the rest alone. Continue with 1500 and then finish with 2000, dry with a soft cloth as you go. Be careful around the edges and where you think you might have problems getting with your buffer.
3. Pull out the buffer and slap on a 3m foam rubbing pad (its the yellow one). Set your speed around 1200-1400 RPM's. Apply 3m Perfect II Rubbing Compound (they make a perfect 3 compound that is supposed to rub and glaze, but I don't care for it) (note to other manufacturer's never combine 2 products into one unless they're food products). Wet your pad with some compound and rub it in with your fingers then generously apply to the piece you're buffin - start off slow and work up to speed(if you haven't put on old cloths - well, no need to now) work the buffer until the compound is gone - move the buffer up and down - side to side and criss cross, this will help remove and "hard" sanding marks and keep the swirl mark to a minimum. Be extar careful around those edges - paint comes of quick with a buffer.
4. Switch pads to 3m's Glazing Pad (the gray/black one) crank your speed up - 1400-1800 and apply 3m Glazing Compound to both the pad and the piece. This material seems to work a lot faster - you might not see much of a difference in shine - but trust me - it makes a difference -
5. Wash down all your parts with soapy water and a very soft cloth - blow dry with your compressor - and WALLA!!!! -- all done -- now go change outta those messy cloths before your wife see's ya!! -- -Good Luck!!!