Flitz, Mothers mag polish, Met-All all work well. The main problem is as mentioned, that they dry out. They are great for one time use especially on paper, cardboard, etc. If you don't have a leather strop, just try some on a piece of paper, magizine cover, of best on a thin cardboard like a telephone book cover. For a slight convex use the magazine or phone book cover with the rest still attached. Can be used again but not as effective when dry. The sound gives nice feed back as to the angle when you are getting to the edge on cardboard when wet too.
The wax based polishes like the green CrO2 work better for repeat use. The green is finer then any of these liquid or past polishes mentioned. If you want coarser in the wax type for leather strop then try the black. Still a little finer though.
Coarser is not necessarily better, just faster. It depends on what step in the polishing you are. If it is taking too long you are just skipping to many steps in the graded grit process. I like to finish with leather and white rouge. All of this is much faster on a belt grinder with leather belts or a buffer and more steps can be effectively skipped then when working by hand.
Gary