Am I wasting varnish if I put more than 3 coats on?

Also I am getting small little bumps or dots when the varnish dries. Not many, I can feel a few when I slide my hand over the finish. I know its hard to understand what I am talking about without seeing. It's nothing major I just know there there and would like to remove them. Maybe 6 or 7 on the back deck. And few up front.

Thanks
Marc Donnelly