I use the slotted wheel as a strop for my knives, and only use my strop loaded with a gold compound to keep my carving knives sharp as I am using them. I find the slotted wheel used with the white compound applied each time I use it, adequate to keep my knives sharp enough for normal use. I keep my kitchen knives sharp, and only have to grind them about once every 3 months or so. I also use a "steel" on them before each use if I am cutting up something that is large ( chicken, large cuts of meat, or lots of vegetables, etc. ) On my pocket knives, I usually "tune" them up on the slotted wheel at least once a week or after some hard cutting chores. Don't really use them much any more other than opening mail, and cutting open some cardboard boxes, and the occasional use for cutting food in a restaurant or some fruit for a snack.
I think the key for the slotted wheel is to apply the compound before each use, at least that has been the case for me.
I also sharpen knives as a small sideline business, and for friends and family ( for free of course ), so I sharpen a lot of different types of knives and different steels. It is mostly a hobby since I have retired six years ago.
Blessings,
Omar