do i need to know how to hone to use a straight?
No, but if you like SR shaving, you probably will end up learning anyway. Different folks hone different ways. I like my way, and haven't found another person's edges that work the way I want.
do i need to buy stones, etc?
No, stones are for honing specifically. You only need a strop for daily prep and some edge re-alignment.
what exactly is the prep involved each time?
Get your razor warm either in your hand or by friction with some extra stropping. Use your strop, about 50-60 laps on leather is sufficient. Some people like the linen or cotton component beforehand, but I don't find a significant difference as long as the razor is cleaned and dried well after use.
what are good straights to buy?
Loaded question, because there are so many elements to a SR.
-If you like "aggressive" shaves, look for full or extra hollow ground razors. If you like more mild razors, look at wedge, quarter or half hollow razors.
-If you like a heavy razor in your hand, go for a larger blade like 6/8, 7/8 or even 8/8 if you're feeling gutsy (but be mindful of the distance from your nostril to lip, too big and you can't shave your moustache well...)
-If you have a lot of contour on your face (cheeks, jawline, etc) get a "smiling" blade which curves a bit
-For a beginner, don't get a spike or square point razor, look for something that looks very rounded or muted at the tip. This is what causes most cuts during your first few shaves.
Bottom line is that your best value will be in vintage purchases, but the best ones I've found are modern steels from one of a very few razor makers. Unfortunately they cost rather significantly more.
For a vintage razor, brand matters a bit less than for modern since the skill levels, steel treatment techniques and such were a lot more even across different makers. Today there are a lot of enthusiasts who make razors, and not many really do it super well.
My advice is to find a collector, and pick up something that meets your criteria from above.
what do the sizes mean i.e. 5/8, 6/8?
It's the measurement in inches of the distance between the spine of the razor to the edge. Some markets use millimeters, some will use "sizes" of 12 (5/8ish), 13 (13/16ish), 14 (8/8ish.)
do i need to anchor a strop to the wall?
I have mine on a bannister. It just needs to be anchored, somewhere around belly height or so.
is this really complicated or is it simpler than i think?
As a user, it's simpler than you think. If you hone, restore or collect, it gets really complicated with steel types, sizings, hone wear, etc.
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