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I'm told that the technique I was using on the waterstone, is what you'd ordinarily use when stropping - ie; alternate sides of the blade on each stroke.
This achieves an edge which isn't exactly blunt, but is not as keen as it could be.
It also has the effect of wearing a concave 'dish' into the stone.
A stone which isn't flat, is not desirable.
What I wasn't doing was building up a burr on the edge of the blade, and then honing it back.
Every day is a school day.
What's the technique to keep and what's to lose?