Ahh, I see you added the clear.
Before you put primer on, did you sand it to bare metal? Self etching primer is meant to bite into a metal surface and bond. If there was any old paint or primer under it, it will eventually wrinkle and look like crap. I learned this the hard way.
Take it to bare metal. Then spray your primer. Then sand your primer smooth and flat. Whatever the surface of your primer looks like, that's what your painted surfaces will look like. If you have drips, runs, rough texture, your resulting paint finish will too. If you hit metal sanding, respray and re-sand. Don't skimp on this step.
Spray the color coat very lightly, so light that you know it will need two or three more coats. Let that coat set (read can, it'll give you the window for applying the next coat), and then do a very light second coat, then a very light third coat, etc. Just until you have everything evenly covered with color. You do not want heavy runs or orange peel in this stage, so only add enough color paint to color the panel evenly and no more.
After it's set, apply the clear coat. You'll want it to go on uniform and wet. Too close to the panel and you get runs, too far and you get orange peel. Practice on cardboard pizza boxes until you find the right distance and arm speed, even if you have to go through three cans to get it down. Trust me, it's going to pay for itself in time saved sanding out the orange peel. Three coats of clear in this manner should be sufficient, but can add more if you wish, just don't rush it and get lazy with your technique.
Let the paint be for a couple days, then inspect your work. Sanding should really be done by machine (the 3M trizact discs are awesome for this, and you'll need a machine for polishing anyway look at a Porter Cable 7424xp), but if you're determined to do it by hand, you at least need a sanding block. Do the most coarse grit in one direction, and remove whatever defects you need to. Then the next finest grit against the grain of the coarse sanding only trying to remove the coarse grit marks, not correcting flaws. Then the next finest against that grain and so on, that'll get you the fastest abrasion of the high points.
The whole panel may not need the most aggressive grit, try finer grits on the parts that don't have orange peel or runs, etc. The finer you go on sand paper, the less aggressive you need to be compounding. Then compound with a machine and a wool or foamed wool pad, (or even a heavy cutting foam pad if you sanded all the way to like 5000 grit) followed by a finishing polish with a foam pad.
If this seems like a daunting task, it is. That's why shops can charge so much for it. The first time you do this, you might have have to start over two or three times to get an acceptable result, and spend a lot more than you want re-sanding and spraying. But, you'll own the tools, and more importantly, the knowledge to do it again, and each time it'll cost you much less and the end result well get better and better. Just remember, the reason you painted it was because it looked bad and you have some pride in your ride. You'll get the result you want eventually, just stay after it.
Oh yeah, last piece of advice, use a quality machine compound, things that say rubbing compound are very difficult to get quality results with.
