I just started using one. I wasn't real fond of the small striations left by the Sharpmaker 204's fine stone(all I've ever used). So I figured I'd give the much talked about "strop" thing a try. I decided to go the super cheap route, as cheap can often be good.
First I picked up a leather belt at the local Good Will(it was fairly thick, and had been nicely softened from wear).
Then I grabbed some scrap wood the width of the belt....just be sure it's straight and even(not warped/bowed).
Next I cut a piece of the belt about 8" long, and used Elmer's glue(all I had around) and a bench vise to keep it flat while it set up.(BTW, leather was glued suede side up, to be more "grippy" for the compound)
Lastly, I rubbed/pressed some of the red Dremel polishing compound(comes in a little container with a green lid, part # 402?) into the leather. Doing it this way will also leave a nice polished surface on your fingers
To strop, I just alternate sides, dragging the edge matching the angle as much as possible when freehanding. Just make sure when switching sides, to pick the blade off the leather before flipping the knife. Don't use the edge as a pivot point as this can roll the edge if done repeatedly.
Edge will come out polished, and sharper than a spoon.