Sigh. One of those simple, real hard questions. Guess, since I'm the moderator at this august site I should say somethin' so you don't feel that nobody wants to answer your question. Trouble is, it really is a hard question to answer.
Let me say, first off, I haven't used a plain old stone in years. Never was that good with one, so I finally went out and bought me one of those Lansky things, an that worked ok until I started knifemaking and using a beltgrinder/buffer/water stone/strop to sharpen; at which point I gave my Lansky to a customer. One of the big problems I've found with folks and sharpening(actually re-sharpening) knives is that they waste a lot of time and some of their blade steel by trying to put a new edge on their blades, when actually all that's required is that they hone the edge they already have. Most edges at the cutting point are only 1 to 3 Microns across, and bend to one side or the other after a while.
What honing does is simply straighten the edge(which is still there). Best way to tell if an edge actually needs to be re-sharpened is to look at it under a strong light. If you see little bright spots along the edge, that means parts of it have actually broken off, and the edge needs to be re-done. I hone my blades with a leather strop and/or a Japanese 800# water stone; moving the blade backwards along the surface like a barber sharpening a razor(actually He's honing). Other folks like to use a butcher's steel or one of those ceramic rods. You can hone on a regular sharpening stone by using the finest(hardest) side and lightly stroping the blade backwards on it. Once the edge feels sharp again, finish stroping on a piece of smooth leather or some damp cardboard.
If you're bound and determined to re-sharpen that edge, because it actually needs that, then the first thing you do is take that bottle of honing oil and chuck it. Unless you've already oiled the stone, then you're stuck using it forever. All that oil does is gunk up the stone and the blade. That BS about it floating the steel particles of the stone is just that, BS. A stone will sharpen faster and cleaner on its own. When it does get clogged up, then just wash it in Kerosene or soap and water and let it dry. Next step is to lay the edge so the bevel is resting on the stone, and then try to carve a slice off that stone, sliding the blade toward the point as you go and holding that exact bevel as the blade moves down the stone. Move slow and use a good amount of pressure(we're talking about using a MEDIUM grit stone here). If that stone you've got has medium/fine grits that's good; if it has coarse/medium grits--ignore the coarse and stay with the medium unless there's absolutely no edge left atall.. You just keep doing that on both sides of the blade, keeping that bevel exact every time, until it reaches a point where when you run you thumb accross the blade it feels sharp in one diretion and smooth in the other. At that point you've sharpened it as much as you're going to, and all you are doing is bending the "false edge" back and forth. At that point you need to hone that false edge off by lightly stroping the blade backwards on the stone( or whatever) until the edge feels sharp in either direction when you move your thumb across. A lot of people go nuts trying to sharpen a blade and don't realize they have, exept for that "false'(or wire) edge which keeps bending in whatever direction they're moving the blade. Some folks like a blade with a wire edge and stroke that edge until it's even up on the blade. Cut's like crazy for a few strokes, then needs to be "stood up" with a stone again. For the most part, unless you like dressing the edge every few strokes, you're better off honing it off. Knife won't feel as sharp, but what you've got will last a lot longer.
There.
