I use graphite powder which I bought online for for my door locks. Extremely fine powder that goes everywhere if you are not careful. Absolutely brilliant for pinpoints as it doesn't attract dust or attack plastic like oil can.
That info may be out of date now. Refer to the list on the Hornby site which gives the latest, up to date recommendations. It was found that some of the earlier suggested power supplies were causing problems.
A friend of mine used it to repair a hole in his cars thermostat housing, lasted for years. The original Araldite is the best I've used. The 5 minute stuff is OK for less demanding jobs.
A meter is virtually essential. You will almost certainly need it again and again. A simple one which is good enough for model railway use can be bought for £10 or even less.