Have you predrilled? Maybe use 1/8-3/16" first?
No. As a general rule, if you need to predrill, the pilot hole should be about the size of the drill web. You wouldn't want to chase a 3/16" hole with a 1/4" drill, the point will be unsupported and will wander and there will be a tendency for the drill to auger, overfeed and wipe out the corners.
All that said, drilling a 1/4" hole in unhardened steel shouldn't cause to much trouble. There have been plenty of threads on this subject in the past, no need to dust this off again with a lot of detail but I'll reiterate the fundamentals.
1: Appropriate speeds, between 300-1000 RPM will work on a 1/4" drill in high carbon alloy steel.
2: Feed hard enough to cut a spiral chip or even break a chip. Don't under feed and rub, this causes a lot of problems.
3: let off drilling pressure once the web penetrates the back of the work piece so you don't over do it and wipe out the corners. A backing piece helps prevent this.
Coolant or oil is not required for such a shallow hole, nor is a lot of pecking, but you can use it if floats your goat.
In production I'll run a 1/4" drill in 3V or D2 or Elmax etc at 900 RPM and feed at 4 inch per minute. A knife blade thickness stock is done in one whack, no pecking (under coolant). Done dry you shouldn't stay in the cut more than a couple seconds before pulling out to cool off a moment.
Feed rate is the key. If you're forming a good chip you'll be in and out of the hole in a few seconds without a lot of heat or wear. Feed too hard and you'll break stuff feed too light and you'll wear stuff out. Working properly there isn't a lot of noise or drama, just a quick clean hole. I don't even use fancy drills, just regular old 118 degree HSS made in USA and I'll get hundreds of holes from one in difficult materials.