Wood always has a moisture content... It will be high or low depending on how new the wood is (wood is pressure treated with water (and CCA) at pressure)... or a recent rain... humidity of your zone etc.
If the wood is new (not dried) not much of anything will work well because the capillaries of the wood are occupied with moisture... which is exactly where you want your chemical to penetrate.
When I used to varnish teak wood on boats I had a system.
One quart varnish and one quart VM&P naphtha.
Mix like this...
First coat 20% varnish - 80% naphtha... this soaked in DEEP and the naphtha flashed off.
2nd coat 30% varnish - 70% naphtha... this soaked in kinda DEEP and the naphtha flashed off.
3rd coat 40% varnish - 60% naphtha... this soaked in some and the naphtha flashed off.
4th coat 50% varnish - 50% naphtha... this soaked in barely and the naphtha flashed off.
5th coat 70% varnish - 30% naphtha...
6th to 10th coat straight varnish.
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It is a trailer... not a yacht, but you get the idea.
Thompson is a junk product, but better than nothing.
Polyurethane or enamel paint would be better... cut it thin (like above) for max penetration. Japan Dryer to aid in drying speed and hardness.
Slop it on with a big paint roller... or even a mop.
Paint the coats right on top of each other. Drying time should be minutes not hours.
5-8 coats in 2-3 hours. Walnut tumbling media if you want grip.
