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Mate, i dont know what it could be.

Sounds like your doing everything right.
To be not removing hair much even after a few passes is very odd. All i can think is dull razor though.

Is...

Looks like the razor should be sharp if you got it here.
Did you shave with it 'before' you stropped it on the leather for the first time?
If your not carful and to heavy handed you can dull your...