Needed strops

I am new to straight razor shaving and have read most of the posts on strops. I think I understand the concept of strops correctly but want to make sure I have it right:
1. use a cotton strop, then un-pasted leather daily
2. use pasted leather or balsa when the above stops working
3. use a hone when the above stops working
Do I have this right?
thanks

I have had the best results doing it exactly that way....
I use 25 linen and 50 leather every day before shaving.

Thanks much, I appreciate the fast response.
Is there a differance in strops? ie: paddle, hanging, length....
or is it a personal choice thing?

Yes there is a distinct difference in the types of strops...
Most use a hanging strop for everyday use, and a paddle style for pastes, but that is just preference.... You can use them how you feel comfortable...
I would not however recommend using a pasted hanging strop, until you are very experienced with how to strop, as they can either refine, or wreck an edge, with a quickness.....
Length and width on the strops is personal preference, usually learned from what you start with....

Thanks again, last question, I promise. At least for now.....
What paste would you recommend for a balsa paddle strop?
I will probably be buying the Illinois 827 hanging strop and making the balsa paddle strop.
Unless of course you think this would be a bad choice.
Thanks again for your help.