Here is how I do it.
You just need some Chromium Oxide, Suet (Lamb, beef, vegi, etc), double boiler, and a jar.
It's quick, easy, and sticks to leather strops better than anything. You won't have to constantly reapply honing compound with this paste. I find it lasts longer and actually works better to get a high polish. I even use it at work on my Tormek.