You just need a few 'dots' of compound. I like to apply just enough to get a very slight edge seepage. That way you know you're OK. If you get a lot oozing out then as S_J says, yes you have too much. Also, some are electrically (as well as thermally) conductive. Have a practice. I find that it is best to press in place first with a finger so you can see how much oozes out. Too much, remove clean with a tissue and try again. Two or three goes and you should get it.
Worst thing for me is 'fat finger syndrome' so just use tweezers, apply a few dots to the transistor, stick the pad in place, a few dots to the pad and then position the transistor roughly in place, pop a bolt (with insulator) through to align, then press in place with a finger. If all looks good, tighten up.