Remove all items from your bathroom. Bathrooms are very small spaces to work in, and you'll need as much space as possible. Remove the toilet tank cover, and place a large trash bag over the toilet. Tape the trash bag tightly to secure it in place. Unscrew all the towel racks and fixtures. Wrap painter's tape over any light fixtures bases that cannot be removed. Have a shop light ready because light levels may be low in the bathroom. Cover the entire floor with plastic tarps for protection. Cabinets, vanities and sinks should also be protected with plastic or canvas drop cloths.
Apply painter's tape to all areas that are not being plastered, but will be touching the plastered wall. These areas could include the side edge of a vanity touching the wall, mirrors, outlets and ceiling lines. Smooth down the painter's tape as much as possible, and add a second or third strip for extra protection. Use a wide tape, such as 2-inch tape or wider.
Open a large bucket of joint compound and inspect it. If it is crumbly or appears dry, mix in a small amount of distilled water. Use a power drill and attachment to thoroughly mix together the plaster until it's slightly wet. The plaster should be thick in consistency, and should not drip or run.
Stick a putty knife into the bucket and then smear a portion of the plaster onto the smooth side of the trowel. Hold one edge of the trowel's blade firmly against the wall, and then tilt the trowel slightly. Begin at the top corner of the wall and slowly begin creating texture on the wall. Skim the plaster onto the wall in a movement similar to buttering toast. Create different areas of high and low peaks. Remember, only about 85 percent of the plaster must be covered. Some areas of the wall may remain bare. Once the wall is painted, these areas will appear as low plastered areas. Plaster the entire wall area and move on to the next wall until the project is complete. Allow the plaster to dry for several hours. Touch the plaster. If it is very cold to the touch, more drying time is needed.
Sand the entire surface with a light sanding block to remove all loose plaster that did not adhere well to the wall. Once you are done sanding, wipe the entire wall with a damp cloth to prepare it for paint.
Paint the entire surface with latex, using a rough-nap roller. Roll the paint onto the surface in even sections without a large amount of pressure. Lots of pressure will simply saturate the surface and cause the paint to drip, ruining your new bathroom finish. If you are painting with dark colors, apply a coat of gray primer paint first. As with most plaster coats, the finish will easily absorb the first layer of paint. Be prepared to roll on a second and third layer.