The coarse stone will cut the metal off quicker but it is going to give you a rougher edge but that way the job gets done quicker, without the oil. It is not as messy. This is just a real simple set up. If you do wood work you can make a little wooden box and rout it out. In this particular case it is just a 2x4, stone traced out, finishing nails tapped down so they are deeper than the stone so when you drop the stone in, if you are at a workbench you can C-clamp it down in place or you can hold on to it.
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.
The final Chef’s Choice sharpener on our list is the 316 Diamond Sharpener. Like the 15XV the 316 is at its best when used to sharpen Asian-style knives and it does so with unflinching effectiveness and speed. This is a compact, 2-stage electric sharpener that produces the 15 degree edge so favored in Asian cutlery. Ideal for the preparation of sashimi or sushi.
In addition, there are three broad grades of Japanese Water Stones consisting of the Ara-to (rough stone), the Naka-to (middle/medium stone) and, the Shiage-to (finishing stone). However, it should be noted that the various grades of natural Japanese Water Stones vary widely in both density and grit size from stone to stone and thus, they do not translate well to American or European abrasive standards. Furthermore, because they are significantly softer than Novaculite, Japanese Water Stones must be flattened more often and do not last as long as a either Novaculite or Coticule stones. But, because they form a slurry of fine particles when used, they also do a superior job of both cutting and polishing.
Now that you're holding the handle and the blade is in position, gently apply some pressure to the belly of the blade with your left hand fingers – "roughly the amount of pressure to semi depress a sponge," says Warner. Starting at the tip, glide the blade up and down the stone – around five strokes up and down is a good number. Then move to the middle – five more strokes. Finally five strokes up and down on the heel.
To use a whetstone you run the knife's blade back and forth across the stone's surface and due to the constant friction with the stone, which acts like a piece of sandpaper, the knife's edge becomes razor sharp and has a brilliant mirror shine. If you are a beginner at using a whetstone it can a take a while to master the sharpening process, so here is a video to help you with your sharpening stone skills.

Oil Stones differ from water stones in that they require the use of honing oil to float the swarf (metal particles). Also, these stones are commonly made from one of three different materials consisting of Novaculite, Aluminum Oxide (Corundum), or Silicon Carbide (Carborundum) and they all use oil to lubricate the stone and suspend the swarf in order to prevent the stone from becoming clogged. Also, while Novaculite and Coticule are the most traditional types of oil stones, there are also synthetic oil stones made by the Norton abrasives company called “India Oil Stones”.
Cerax and Suehiro stones from Suehiro are a little harder, and as such do not wear down as quickly as the classic Japanese water stones. The 8000 grit stone will perhaps give you the best cutting edge with a mirror polish on chisels and similar blades. Suehiro also makes a small combination stone for those who do not sharpen tools all that often and are reluctant to spend extra for a Cerax stone. 

Diamond plates are available in various plate sizes (from credit card to bench plate size) and grades of grit. A coarser grit is used to remove larger amounts of metal more rapidly, such as when forming an edge or restoring a damaged edge. A finer grit is used to remove the scratches of larger grits and to refine an edge. There are two-sided plates with each side coated with a different grit.[14]