You all confirm that this system is a no go for me ![Eek! [eek]](https://www.festoolownersgroup.com/Smileys/default/eek.gif)
I was trying to save money ![Sad [sad]](https://www.festoolownersgroup.com/Smileys/default/sadsmiley.gif)
@derekcohen , if I go with wet stones, what grit do i need to start with? all my chisels and planes are in a brand new state and I take great care of them.
Is diamond stone a viable option since I will use the stones once or twice a week?
Mario, you could save a lot of money now by never sharpening the chisels and leaving them hanging on the wall!

Assuming that you do want to use them, getting them properly sharp is not only going to make them useful, but also safe to use. Dull tool cause more damage than sharp tools.
All bench chilsels need to be honed at 30 degrees. If you use a honing guide, then a secondary bevel will get you there fastest. The old Eclipse style honing guide is still the cheapest (and one of the best) around. Get a knock off as Eclipse no longer manufacture them. The Veritas Mk 11 is excellent, but pricey.
Don't rule out grinding. This is necessary when an edge chips or when the secondary bevel gets too large to hone efficiently. Do you have anything to use? Bench grinder? Belt sander?
Waterstones vary in price considerably. Largely you get what you pay for. One of the least-fuss types is Shapton. You need three: 1000/5000/12000 grit. You also need something to flatten them - a sheet of 240 grit wet-and-dry sandpaper on glass would surfice. Better is a 240 grit (thereabouts) diamond stone. Note that the diamond stone must be
flat.
All this is quite dangerous, since you will discover the joy of a sharp chisel, and want to use hand tools more and more! That can be costly!!

My system is here:
http://www.inthewoodshop.com/WoodworkTechniques/UltimateGrindingSharpeningSetUp.htmlRegards from Perth
Derek