Read some of the threads here. Look at Boothy's recent thread.
Did you wipe down the paintwork after polishing? Sounds like the fillers and oils masked the final appearance. Wipe down with isopropyl alcohol to remove any oils and residue.
Did you break down the polish properly?
As you've mentioned, going too aggressive can have consequences. You need to use a refining tech ique to get rid of the holograms.
Finally, if you don't know what you're doing, pay someone else to do it for you. In the meantime, practice, practice, practice. Get a scrap bonnet to practice on.