X2 on red paint polishing out nice.
I would recommend learning to use a rotary polisher. I do car detailing and, seriously, hand polishing gets old after about 10-15 minutes. An orbital is better but is slow and vibrates too much. A rotary is ideal for polishing because it's fast and smooooth! I do recommend getting an old panel to practice on though because it's not that hard to cut through the clear (if applicable) and/or burn the paint from too much heat.
What I would recommend is this: With the car in the shade
1. A thorough wash and chamois
2. Clay treatment. This involves using 'detailing clay' and a quick detailer. It's pretty easy, all you have to do is spray the quick detailer onto the paint and move the clay back and forth over a surface no more than a metre (~3.3 feet) in size in straight lines. Knead the clay regularly to keep the surface on the car clean and don't drop it on the ground. Once the surface feels smooth and the clay glides over smoothly, wipe off the spray with a soft cloth. Doing this pulls contaminants such as tree sap and industrial fallout off the paint so that when you start polishing, there's nothing between the polisher and the paint.
3. With a foam cutting pad on the rotary, set the speed to around 1500-1600 rpm and put a X of mediumly (Is that even a word??) coarse abrasive polish across the pad. Using light to moderate pressure (the pad should squish a little bit) move in straight lines up and down and then sideways across a section about 1 foot in size. Keep up this crosshatch pattern until the polish has just about disappeared or the surface is starting to look rejuvenated. Wipe it off before it dries and move onto a new section, adding more polish as necessary to keep the pad damp but not wet with polish. You may have to repeat this a couple of times.
4. With a foam light cut or polishing pad, move to a fairly fine polish and use the same steps until, when it's wiped off, an image in the paint looks pretty clear and all the haze/dullness is gone.
5. With all the polish wiped off, using a microfibre or foam applicator pad or a finishing pad on an orbital polisher, apply a light coat of wax to the surface using the same crosshatch pattern and passing over each area several times. I am a fan of Meguiars Ultimate Synthetic becuse it's tough and looks just as good IMHO as a carnauba, but if you're doing up a show cruiser, use a natural carnauba wax. It looks slightly 'wetter.' When the wax goes hazy and if you swipe your finger across the paint and the wax comes off with no smears, wipe it off with a microfibre or cotton towel. If it looks streaky, wait 10-15 minutes and try again.
Also X2 on the Meguiars products. Griot's Garage also make some good stuff.
Sorry about the massive rave. I hope some of it makes sense. If you brought your truck to me, this is what I'd do to it and I think you'll be glad you did. It'll cost a few hundred dollars to get set up but you won;t be sorry you did.
But, once again, you must practice on a spare panel or on the vehicle with a fine polish and polishing pad before starting high speed cutting. A rotary takes way more getting used to than a random orbital polisher, but it is well worth it. This comes from someone who has both - the rotary is my machine of choice for polishing and paint correction; The RO for waxing.
PS: This link might be of interest...
http://www.carwash.com/articles/in-depth-polishing-and-waxing-2