The answer is moderate. Milady's stropping guidelines state this directly: do not worry about speed — a moderate pace is preferred.
The book pairs this with a related instruction: bear down just enough to feel the razor draw against the strop, and repeat strokes as necessary to finish the edge. Speed isn't the priority the book emphasizes — a steady, moderate, even pace with consistent pressure is what produces a properly stropped edge.
Milady Standard Barbering, 6th ed., Ch. 5 (Implements, Tools, and Equipment), p. 126: "Do not worry about speed; a moderate pace is preferred."
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