graphics cards can be tricky.because of the larger and sometime uneven surface area, you want to use a good amount.. but not too much. also, when you put the heatsink on you don't want to trap any air pockets.
clean the gpu and heatsink bottom well with alcohol. i get some (clean) saran wrap and put some over my index finger so the pad of my finger is nice and smooth. put a dab on the gpu and rub it around so that the whole surface is covered with a thin (but not quite transparent) layer. then do the same with the surface area of the heatsink. rub it in so it fills any microscopic cracks in the finish. then put a sizeable dab (can't think of an example of how much) on the center of the gpu and place the heatsink evenly onto the gpu and press down evenly on the center while slightly twisting it left and right so the compound works it's way out to the edges.
that's what i do, at least. maybe others will chime in with their methods and we can all get better at it.