This linked thread does a nice job explaining the concept/philosophy of stropping on a conformable surface, like leather:
Stropping: angle plus pressure
As for materials and compounds, some of that depends on what steels you're sharpening, and also with what stones/hones you're using. Desired edge finish (coarse/toothy or polished, or a compromise of the two) will influence which compounds may work best for you. Most traditional slipjoints are made with simpler carbon and stainless steels like 1095, Case CV, 420HC, 440A/C and others. With most or all of those, usually green, white or black compounds work very well. Most of the time, just green compound (chromium oxide) works for maintenance purposes and daily upkeep; the black/white compounds can be used after sharpening on stones to quickly remove burrs and refine the edge somewhat, before finishing off with green and/or bare leather. Depending on how coarse you like your finished edges, the black and/or white compounds may also work well for maintaining coarser edges, or restoring the bite to them. Green compound is very fine, and will be better-suited for final polishing stages.
You can very easily get acquainted with the stropping technique, and produce excellent results, even without using leather. Just a piece of paper laid atop a firm surface (wood, glass, bench stone, etc), with some compound applied to it, can work very (very) well by itself. This happens to be the way I've been maintaining the edges on my traditionals and other knives lately, and I like it. I also occasionally strop on the inside face of my leather belt, using green compound on part, and a bare section following that. Works great for 1095 (Schrade USA) and Case's steels (CV and 420HC, a.k.a. 'Tru-Sharp' stainless), as well as Buck (420HC), Opinel ('carbone' XC90 and 'INOX' 12C27Mod stainless) and other similar steels.
David