How to use paint sprayer with air compressor?

Hoping for some input from those of you with experience, much appreciated. Bought an air compressor from Harbor Freight and this paint gun from the same. Used it today with some regular latex paint from Lowe's and it worked alright, just took literally for goddamn ever to use. Went on okay but it seems like it'll take about 5 coats to look right, which I'm fine with, but am wondering if that's what it takes. Am I supposed to use paint thinner or anything? I feel like my technique is alright, paint's going on seemingly fine, but it's a super thin coat and it makes me wonder if there's a better way to do it. I realize the compressor's the bare minimum for the application, which kinda sucks cause it was pretty much running nonstop (with breaks) for a couple of hours. Any advice/feedback would be appreciated to help me do this quicker/more efficiently. Thanks.