I have not read through them in quite a while but there should be large parts of the beginner's section of the forum that should already have this covered.

First, you need to get the razor honed. When you get it back, lightly wipe it off with a tissue and then shave with it. Don't test it. Don't touch the edge, just shave with it.

Yes, you need a good hanging strop.

Personally, I would not bother with any compound yet, but others will disagree.

Don't touch that razor with the KME. Just don't do it. Yes, a 10k hone, if it is a decent one, will be adequate for maintaining your razor AFTER you learn how to hone.