an SM58 is a dynamic mic so by nature it is less sensitive to loud sound sources than a condenser which is powered by phantom power (48v) and is more sensitive to loud noises. to properly use a condenser is to lower the gain on your mic pre and watch the gain on the mixer to see it does not clip. you will want the fader close to zero for starters. also use a pop shield when using the condenser, it'll help smooth the signal out from plosives.
know the difference between a condenser and a dynamic. it sounds like from your story that you were buying a mic without knowing what it could do and what its characteristics were. both the CL7 and the SM58 are different by design; there is nothing wrong with the mic - just the way you were using them.
a compressor and limiter have different reasons why they are used in a chain and pros use them there to even out the signal and to clamp down on transient loud spikes in a recording so everything is even during the recording process. grab some books about recording, look up the role of gain, faders, compressors and limiters online because all of these have a specific use. the more you know what you need to do to use your gear, the more productive you will be. you can spend a million bucks on gear but if you don't know what any of them do, all of that money would have been for nothing. do your research and look up articles on how a basic recording chain is set up. from there, you can branch out into investing in better gear.
here are some starting questions for your homework:
-differences between condensers and dynamic mics.
-know the role of gain in the recoding process and how do you apply the right amount to a sound source?
-what is the basic signal route for recording?
-what counts as proper mic technique?
-what are EQ knobs for? gain knobs? faders?
-what are the fader channels for? what is a bus? how do your route through a mixer?
-what frequencies should be noted when using the EQ?
-is there such a thing as making a bad recording and fixing it at the mixer? (edit: this is a falacy and absolutely not true; a strict rule of thumb is: practice, get the take right, record a few times with the right conditions and always keep a high standard for recording. remember, if you put in cr@p effort into the recording process, you get just that back: cr@p product)
-what are the different plugs, connectors and cables commonly used in a recording setting? (know what each look like and what sets them apart)
-what is monitoring? what is a foldback mix?
These are basic questions to get your started. There are so much more to recording than your basic plug-and-play so get reading and feed your brain; the more you know the stronger the foundation you will have for your creativity.