Colour Magic is a "polish" but as far as I know, it just contains coloured fillers and will wash straight off next time it rains. You can apply glaze on top, then sealant, then wax. Or just glaze and then wax. Or sealant and then wax. Or just wax. Any combination of glaze / sealant / wax (as long as you do it in that order) will help keep the colour magic in place for longer.
I'd probably encourage you to bin the Colour Magic though, and try Autoglym Super Resin Polish which is a paint cleanser and polish with some cutting action to reduce the appearance of scratches and swirls, and some filler to mask the appearance of scratches and swirls. You won't get rid of paint imperfections without using a rotary polisher and compound - not something I'd recommend; best left to the professionals.
You can get a great look with some time and effort with something like Autoglym Super Resin Polish or Bilt-Hamber Cleanser Polish is also excellent. I recently used Car-Lack 68 Nano Systematic Care which is a cleanser polish, followed by Car-Lack 68 Long Life Sealant - it worked really well to clean, polish, fill and seal my paintwork which isn't scratch-free by any means. I then popped a layer of Autoglym HD wax on top just to see what happened - it did look "better" to my eye, but I couldn't tell you why. I was so pleased with the results I entered a detailing competition (see link in my sig below for pics).
I recently posted quite a long "Detailing 101" on a
thread about waxes - did you see that? Contains pretty much everything you need to know about how to wash your car without inflicting further scratches and swirls, and how to get your paintwork looking shiny.