When the block is intended for installation on a bench it is called a bench stone. Small, portable stones (commonly made of bonded abrasive) are called pocket stones. Being smaller, they are more portable than bench stones but present difficulty in maintaining a consistent angle and pressure when drawing the stone along larger blades. However, they still can form a good edge. Frequently, fine grained pocket stones are used for honing, especially "in the field". Despite being a homophone with wet in most dialects of modern English, whetstones do not need to be lubricated with oil or water, although it is very common to do so. Lubrication aids the cutting action and carries swarf away.
You've acquired a good chef's knife, you're using it almost daily to make tasty dinners for the family, and it's stored in a nice knife rack or a magnet for safekeeping. So why stop there? Keeping that knife's edge fine will make cooking not only safer but, let's face it, much more fun. Whether you've spent £150 on a high-end knife or under a tenner on a dinky paring knife, keeping it sharp is crucial. 
After you have completed a few passes over the stone on both sides, you can move to the final stage. This time it is P1 pressure, just enough pressure for you to control the knife. Ensure your stone is wet and now repeat the motions but with very very light pressure. You really need to focus here and ensure you are reaching the edge of the edge and again, just a few sweeps on both sides of the knife.

Start off on the rough grit side of the stone. Check the grit on your stone, or the packaging that came with the stone, to identify which is which. In general, whetstones and diamond stones each have different grits on either side. The rough grit side is used to grind the steel down, while the fine grit side is used to sharpen or hone the knife. The grinding process comes first, so you start on the rough grit side.
My Fujiwara is an exceptional cutter and a pure joy to use, as a result, the mediocre knives get a pretty good break and the dream knife gets to do the lions share of food preparation. So it gets duller faster. However, it goes without saying that superior steel will have improved edge retention but at the end of the day, knives get dull, they just do and I am very happy about that, I get to sharpen them over and over!
Now you may wonder, if a finer stone produces a better cutting edge why do I need a coarse stone at all? The answer is that finer stones work much more slowly than coarse ones. The amount of metal a fine stone removes with each pass is much less than what a coarse stone removes. If you have an edge with a good shape to it from a coarse stone, this is not a problem because the fine stone doesn’t have to remove much metal to improve the edge. If the edge is dull, it will take many times longer to reshape it with a fine stone than it would with a coarse one.