I found that out of the box broadheads need a lot more material removed then you may think. So I mark them with a Sharpie as was suggested and I start with the KME on a bastard file. Takes them down pretty fast.
Then I give them a good working over with the coarse and medium stones. These two stones are really just for removing material and creating a bur. Gotta get that bur.
With the file and the first two stones I use a back and forth motion rather than just forward motion. I will do 12 or so back and forth motions per side and keep doing this until I have set the bevel (removed all the sharpie ink) and I have a good bur the whole length of the blade. Again, up to this point you are setting the bevel, removing material and creating the bur.
I put a little more pressure on when using the file and first stone, then back off a bit on the 2nd. The second stone gets back and forth a few times on each side, then, again raising the bur, I just do forward swipes a few times on each side before honing.
Then, with light pressure, I hone them. When I say light I mean it. One forward stroke per side. Maybe six or eight strokes per side.
You can then strop them on cardboard and get them hair popping sharp.
I had the same problem as you at first because I didn't believe a) how much material needed to be removed at first and b) how little pressure was needed in the end. I then sat down with Ron who told me I was real close but just needed a little tweaking. And that little tweaking was what I just explained. Now, I can sharpen anything.
HTH