Many a heated arguement has started over the proper way to sharpen a knife, and indeed just what constitutes ‘sharp enough’, so please, take what I am about to divulge to you as strictly one man’s experience.
I am definitely not an expert when it comes to sharpening knives. In fact ::hangs head:: I am sharpener impaired. I cannot put a razor sharp edge on a knife. I know this cuts to the very quick of my identity as a man, and I feel this lack in my character as keenly as my total lack of musical talent. It is with this shameful disability in mind that I relate to you a secret:
A friend of mine had an old table saw with a little arbor attached to it, and on this arbor was mounted a hard cotton wheel. He would charge that wheel with buffing compound, and use it to sharpen his knives. Even I, incompetent though I was, was able to achieve edged perfection using this device. I believe the original purpose of this apparatus was to put a fresh edge on cabinet scrapers, as it would leave a very tiny curled edge on the blade. (One applied the blade to the wheel in the ‘away’ position rather facing the cutting edge into the wheel.) A quick touch-up on the leather strap would remove that curl and leave an edge that one literally could shave with. I have seen similar set-ups for sale in good quality woodworking stores for less that $40 - $50, IIRC. You’ll also need an arbor or grinder motor setup.
Of course, if you are competent with a stone, I can recommend the diamond dust surfaced stones. I do have a nice little diamond stone with which I can put a decent and serviceable edge on a knife, but I certainly wouldn’t want to try to shave with it.