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I will start with my final statement - Stones don't make knives sharp......a knifemaker's skilled hands make a knife sharp.
Learn how to sharpen before dropping all sorts of money on stones. A $5 combo stone from Home Depot will sharpen a knife just as sharp as a Japanese Togishi if it is used right. Good stones make it easier, but they do not contain talent.
Also, a very polished edge isn't always what you want. A coarser edge at 220 to 400 grit will cut some things far better. It does help to knock the wire off on a strop.
I have way too many stones, but when someone asks, I suggest an extra coarse/coarse and fine/extra fine 3X10 DMT Duo-Sharp system ( comes with base and two plates) and a fine/extra fine Norton crystalon combo stone. From there you go to a mounted leather strop with flitz or rouge. Total cost is less than $300. Your grandchildren will still be using it 50 years from now if taken care of.
http://www.sharpeningsupplies.com/DMT-10-DuoSharp-Diamond-Kit-P435C24.aspx
http://www.sharpeningsupplies.com/Norton-Combination-Water-Stones-P28C4.aspx
Now, if you want to get crazy, get a full set of the Duo-sharp DMT plates in 3X10. They fit the DMT base, which also will hold most mounted water stones. Then add Norton stones up to about 3000, get some King stones in the 2000-8000 range, and natural stones to 14,000. Don't forget to get a few different nagura stones for making paste. ....and a few boxes of ha-zuya and ji-zuya chips. You will also need a flattening stone and if you really want to have it all, get the largest DMT Extra Extra Coarse plate. You will have to make some sort of outside sharpening bench ( togi-dai) to do all this wet sharpening.... cypress is the best wood for that. And unless your knees are much younger than mine, make one you sit at.
When you are done spending a few thousand or much more on these stones and plates, most likely you still won't know how to use them .....and most old timers with a hollowed out 3" long pocket stone can sharpen a knife better than an amateur with $2000 in waterstones.
Japanese waterstones are used to shape the blade and edge at the same time. They are not just an edge tool. The process is just one way of shaping a blade and ending with a sharp edge. Do not let the myth and mystique make you buy stuff you don't need. I do not recommend waterstones for anyone who isn't doing Japanese blades.
My personal sharpening system for 95% of the knives I sharpen is this:
220 grit Norton blue belt at slow speed, and a one smooth pass on each side.
400 grit new SC belt running slow and a few passes each side.
10" buff running at 1100RPM charged with white rouge - one quick pass per side.(WARNING - Use a strop if you are not proficient at buffing edges!!!!!)
DONE
I usually use a "tight" slack belt, but on some blades, use the flat platen.
I am going back to the last part in my opening statement - You can sharpen a knife until it is dull. Yes, that is what I said. A knife that was slice to the bone sharp after a few strokes on a medium and fine stone can be taken up the grits, worked on super fine stones, and stropped for ten minutes, .....and may have gotten so it won't slice paper. Sharpening is a process of getting the edge thin and quitting when it is there.