For example, a garden hose without a nozzle will deliver a high volume (cfm, Cubic Feet per Minute) of water, but a low pressure (psi, Pounds per Square Inch). A squirt gun, by contrast, delivers low volume but at high pressure.
As far as your compressor is concerned, set the compressor's regulator higher than 50psi, then use the regulator at the gun to set the final pressure. If you have a smaller compressor, then you'll need to pause every now and then to let the compressor catch up. Start out with lower gun pressure (say 25) and do some test sprays on scrap to set up your pressures and spray pattern. Most common mistake (speaking from experience) is to spray at too high pressure, or too close to surface, resulting in too thick of an application which can lead to runs.
Finally, most of the work in paint is in the prep, so prime and block-sand until it's perfect.
mystic_1