In the future I would like to refinisah my Strat.

I understand that you must completely remove the orignal finish, apply a coat of Primer and then do the new finish.

However I am not exactly sure about how to apply the new finish. I understand that you must apply mutiple coats of colour and Nitrocellulose Lacquer, sand it down and buff it etc...

Could someone possibly explain how to do this stage and also mention the Do's and Dont's I should consider?

Thanks, any help will be appreciated.
Your Strat is most likely polyurethane. That'll need a lot of work to get off. OFf the top of my head Dan Erlewine (Stew Mac) would have some godd reference info on th ewhole process.
Moving on.....
Gear building and customizing thread.....

But these should help:

Biggest tip is just to be very careful and patient with the sanding down.
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