It does not erode the paint as a polish, it does not have the cutting power like a pad and polish.
How many times can be related to a couple of factors and everyones opinion will differ. I was taught twice a year for outdoor cars, once for cars that have a garage.
I can't say that I think you are taking away to much clear and paint if you were to do it a couple of times more. If you keep your paint clean and protected you really shouldn't require more.
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