You should be rubbing each coat down to smooth wood, with a new pad of OOOO steel wool, de-linting with a magnet & then applying another coat - but I've found best results are achieved after letting each coat dry overnite, before working & re-applying - no matter what the directions say.
Usually, the pores are filled after 3-4 coats, and the stock may be waxed for a nice sheen & weather protection.