I'm not as good as Ethan, but I enjoy spit shining a few of my shoes, and do it every so often.
I don't know what condition or state your shoes are in, but I would advise stripping them down and really cleaning them off before you try again. If there is too much cream on them, it might be hard to build a good wax polish. Remember what you're doing is essentially filling the pores with wax polish, and in the process of pushing that wax into the pores, you're smoothing out the leather and building an even layer of wax. This is what creates the shiny appearance. Stripping everything off (You can use Lexol cleaner, in the orange bottle) will give you a nice surface to start with.
I second everything tchoy said, but would note that while your rag should never be really wet, I think you should let your own intuition guide you on how much water you need. It can be difficult to figure this out on your first time, but after a few pairs, you'll start to get a sense of when your rag needs more water or wax. You definitely never want the actual leather to get wet. This is why I start with very, very little water in the beginning (often none) just to build the first or second layer. After I have a good base, I use a little more water, and after that, a bit more water still. I find that by doing this, the first layer or two protects the leather from actually getting wet, and towards the end, having slightly more water allows me to get a creamier wax (which is then applied more smoothly and evenly). If you're not sure how much water to use at any given point, know that less is always better.
I also recommend that you experiment a bit with the directions that you rub the polish on. I always start with small circles, but towards the end, sometimes I find that swipes are more effective.
Additionally, you may want to polish the heel cup and a bit of the hindquarters. I find that it's usually a more balanced look. Just don't go crazy and spit shine the whole shoe - effectively encasing it wax. If you do, they'll crack and look terrible when the leather creases.
Finally, remember to strip off old layers of wax every once in a while so that you can give your shoes some good leather conditioner.
Have fun and post photos when you're done!
(As an aside, if I may give a friendly suggestion, I think your oxfords would look better with a straight lace. Here's a video
by Will on how to do the European Method).