Another great tip. Thanks Keith!The best technique I've found is one I lifted from Cape Forge knives back in 96'. Mike explained that a good honing leather is only good for one thing - Making a good edge great,
It won't make a bad edge good, and it's very easy to dub and dull a good edge with any leather.
The technique is simple. Lay the blade flat on the leather and push forward while raising the spine in tiny increments. At some point the edge will bite into the leather - that's the angle that you have no choice but to work with because it happens to be the actual angle of the edge.
Once the edge bites pull back with light pressure and at the end of the stroke just stop - stop and pull the blade up and off the leather.
If you pull the blade off of the leather at the end of the stroke in an arc, which is a very normal thing to do, you will have undone all of your work.
Once you experience the level of perfection that leather honing can provide and have a leather honing epiphany you will probably seek better leathers to work with.
You don't need compound on a good honing leather. The technique works with other things too, balsa, etc - even stones and fine papers.
This is a good muscle memory technique - hope it helps.