Some sort of stationary sander is what most pros use. If you keep a finger or two on the steel up near the edge as you grind/sand you'll know if its getting too hot. When it gets warm, dunk it in a bucket for a few seconds.
Files are good for removing a lot of stock, but won't give much of an edge. A circular stone or maybe one of those DMT Dia-fold sharpeners are what you need to get and keep a sharp edge.
A dull axe won't won't cut wood worth a damn but they will gash open a shin quite well
