Step 6: Adding a Microbevel
You've now gone through the four grits of waterstones, and you should have a chisel blade so shiny and sharp that it will put a smile on your face. But there's still one more thing you can do to help your chisel out: add a microbevel.
A microbevel (or second bevel) is just what it sounds like: a very small bevel at the end of your already-beveled edge. The primary purpose of this microbevel is to save you time. When your chisel dulls, you merely need to sharpen the microbevel instead of going through all of these steps from scratch. It will take several sharpenings before the microbevel has been ground more or less flat with the rest of the bevel; at that point, you will go through all of these steps again.
To put a microbevel on your blade, slurry up your 8000-grit stone with the nagura stone and put your chisel/honing guide onto the stone. Raise the handle of the chisel a tiny bit, and with a nice steady stroke, push forward to the other side of the stone. Pick up the chisel (don't draw it back on the stone), place it again on the near side, and repeat a handful of times. Each time, try to raise the chisel handle by the same very small angle.
After several sets of passes, you'll see a thin line on the end of your chisel blade. Job well done.
But wait! There's one more important step before you can pack your stones up and start hacking away at wood.