It takes some finess to determine how long to etch and how many etch cycles to do.
Tips:
Multiple etches are far better than a long etch. Clean the blade with steel wool, wash, rinse, and return to the tank as many times as needed.
Boiling the blade for about 15 minutes in a pot of water with some baking soda will help "set" the dark etch a bit. Remove, wash well, dry, and oil.
4/0 Steel wool is very good for clean up and brightening the etch.
Take the etch a bit deeper than you want the final effect. After cleanup and neutralizing, put a fine grit paper (800-1000 grit) and back it with a hard wood block. Gently work the surface to brighten the high spots and "lower" the topography. To restore the black, quick dips followed by the block may be needed once you get it where you want.
Power buffing is the enemy of a good damascus finish. If you buff your blades to get out all the scratches, hand sand back to 400 grit before etching.
Recently I had a maker call me and ask what was wrong with the damascus he was using. It was from a popular commercial maker, and should have etched well, but he could get little to show, even with very long etches. I suggested he clean really well and mix a new batch of FC. He did and the results were the same. I asked if he power buffed his blades, and he said, "Oh, yeah! I buff them to a mirror polish before etching. " Bingo!, that was it. He was glazing his blade surface. I told him to hand sand them back to 400 grit fully, and to degrease well. The next day he said the change in results was amazing. A few seconds in the FC and the blade pattern showed perfect.
Biggest tip:
People seem to love the sliver/black look of damascus way too much.
Realize that the black color is only a surface oxide effect. While it looks good, it will rub/wear of. Try for an etch that is just deep enough for the damascus pattern to show even without the dark background. Careful hand sanding and buffing up to 8000 grit can make the pattern amazing. Sometimes it seems to disappear at 400-800 grit only to come back showing the pattern in the steel surface at 2000 and higher. I find this is the best way to finish twist pattern and other fine patterns. It should be subtle, like the hada on a Japanese sword. You turn the blade a bit and "WOW", look at that pattern in the steel.