^ This. I use mineral oil on mine, but combined with someblack and white (coarse and fine) compound (I got mine at Sears) and some newspaper, its really all you need. I love my waterstones, but for convenience and portability the combo Crystalon stone is very hard to beat.
Illustrate my point, three pics at 640x - the first shows the edge straight off the SIC stone stropped with some plain newspaper, I've done this one a bunch of times and that's pretty much how it looks on every knife I've done - fairly irregular but with a clean apex. This edge can shave arm hair and just clip facial stubble.
The second shows the effects of about 40 light passes on white compound - two layers of newspaper wrapped around the fine side of the stone. Feels very smooth and uniform when stropping, modest amount of swarf left on the paper.
Modest improvement in fine cutting - facial stubble clipped with noticeably less pull and quietly crosscuts newspaper. Last pic shows one layer of paper wrapped around the coarse side of the stone and dosed with white compound - I apply a touch more pressure, just enough to feel the stone texture a little under the paper - maybe 15 passes/side. What a difference! The edge looks like I honed it on my Spyderco fine - whittled a hair in two places (had to do it twice cause I couldn't believe my eyes). I've been experimenting with compound on newspaper for a while now, it works well and very simple. Plus, maintenance couldn't be easier - just toss it in the recycling bin when it loads up. I am amazed at how much I used to overthink this. As an even easier method you can just (carefully) mop up with some newspaper the swarf, stone debris and oil that builds up on your stone from sharpening, and use that for your "polishing compound". Might not get you to whittling a hair, but you can get a very nice EDU edge that will casually shave arm hair and maybe even tree-top some leg hairs.