Red doesn't work well on SS. If you're leaving black sticky stuff on the part, you aren't using enough pressure, or it's the wrong compound, or the wrong wheel, or the wrong speed.
The part will get hot... that means it's cutting. You should be able to apply a bit of compound to the wheel, then buff a small area using adequate pressure until it's completely clean and polished. Then repeat at the next small area.
You should clean all traces of the cut (coarse) compound off before moving onto the color (fine) compound.