Some stones need water, while other stones need oil for floating the swarf (small metal filings created when sharpening) away. Simply apply a few drops of either oil or water directly to the stone. (We recommend using an inexpensive spray bottle for applying the water.) The lubricant you need is determined by the type of stone you are using. Water stones and diamond stones require water. Oil stones such as India, Crystolon and Arkansas stones use oil for a lubricant.

You must put the knife blade's position at the perfect angle which is called "against the stone." What's important is the blade should be facing opposite from you. Where you've determined where the bevel angle is located, then this is what you will position against the stone. It's a good idea to know the differences between various angles for certain blade uses. There's a certain height of the blade that it should be from the stone. You'll be able to find various charts on height of the blade online. Normally, for a pocket knife or kitchen knife, it'll be 17° - 22° angle against the stone. The "Rule of thumb" is the smaller the angle, the sharper the knife. Most makers will have it in the instruction or on their official website.
You want sharpening stones that will be useful for the majority of your edges now, and that will remain useful as you expand both your tools and your sharpening toolkit in the future. Ending up with duplicate stones or ones that are no longer useful as you gain new knives or tools is a waste of money. The goal is to start with something that will stay with you as your needs develop.
However, due to limited natural deposits and extensive quarrying over the centuries, true, high quality, Japanese water stones are now few and far between and are very expensive. Thus, various companies are now producing synthetic Japanese Water Stones which generally have a more consistent composition and grit size than natural stones as well as often begin somewhat harder and thus, lasting a bit longer; not to mention being cheaper to purchase. 

When you sharpen a Buck Knife properly it will perform the way it was meant to. Never sharpen your knife on a power-driven grinding wheel not specifically designed for that purpose. You could burn the temper from your blade making the edge brittle and prone to chips or cracks. This also voids the warranty. The first step to knife sharpening is to pick a sharpener.
I purchased this set together with the 400/1000 grit stone assuming that some of my knives were quite dull and would need work on a coarse grit stone. Premium Whetstone Sharpening Stone 2 Side Grit 400/1000 | Knife Sharpener Waterstone with NonSlip Rubber Base & Flattening Stone. This is my first wetstone. First off I tried to sharpen my Chicago Cutlery boning knife. This knife is nearly thirty years old, has been abused in may ways and was quite dull. It was very difficult for me to get a burr on this blade, which I attribute to poor technique. Next I moved on to my Henckels Professional S paring and chef's knives. The paring knife was moderately sharp and was modestly improved after working over all three grits of stone. It would cut paper but again it was difficult to develop a burr with this blade. Undaunted I switched to the chef's knife. This knife is twenty years old and has never been professionally re-sharpened. I have sharpened it twice with a Lanksey sharpening system which marred the finish but did put a good edge on the blade. Lansky Standard Coarse Sharpening System with Fine Hones. The chef's knife was moderately dull and had several pits visible on the cutting surface. I modified my technique for passing the knife over the stone and worked the chef's knife over the 400 grit stone aggressively and eventually I was able to get a burr to form from the tip of the knife all the way to the handle. From there it was a simple process of reforming the burr on the 1000 grit stone and then finishing on the 6000. After sharpening, the chef's knife easily and cleanly slices a tomato with very light pressure and is in my opinion very sharp. Not sushi knife sharp but more than enough for the chopping and slicing I expect of it. I'm looking forward to going back and working both the boning knife and the paring knife over again. Don't expect a good result from this product the first time you use it. Watch videos on using a wetstone, expect to spend at least twenty minutes per knife at first, and practice forming a burr. If you can form a burr, you will be able to successfully sharpen your knife.