Paint chip down to bare metal :(
 

Hello everyone,
About a month ago this happened. http://s14.postimg.org/vnchh4gq5/20150612_152936.jpg
Now I finally have the time to put in to fixing it. Although, I have some questions and need some help/advice/recommendations on products necessary to make this chip look as good as possible. I'd prefer not to have to take it to a body shop unless that would actually be cheaper. What steps would i have to take to ensure that it comes out as nicely as possible? As of now i have a cheap orbital polisher from pepboys not sure if that'll be enough to do the job. I plan on taking care of this, then compound and polish the whole car. Any help will be greatly appreciated.

Where is this chip? Can you zoom out and take more pics?

Im on tablet