Meguiars Ultimate Compound is the consumer version of 105 and so is can be quite aggressive, although this is also down to the type of pad, speed, pressure.
Using a softer pad with a milder polish (eg Megs 205) is worth trying.
As it is always easy to spend someone else's money I would suggest buying some 3M pads and a decent backing plate as these do make polishing easier, the 3M backing plate is very good but so are the Gloss It and Flexipads versions. I have kept talking about Megs 205 but there are lots of good alternatives from Optimum, Scholl, Menzerna etc etc.
Are you using something to wipe away the polishing oils eg IPA, CarPro Eraser or similar. These things allow you to check your progress as the oils can hide minor marks. I use Optimum polishes as one of the nice things is a wipe with a damp cloth will remove the polishing oils but just buy whatever brand you fancy. I would suggest getting small bottles as one litre bottles will last most people many many years