Sand between all 12 coats
You've got to sand between coats. My grandfather was a shipwright and cabinet maker and he taught me about finishes. Start of with a "spit coat" of thinned spar varnish, even two (50/50 varnish and thinner). Then start building coats. I wet sand with at least 220 to get imperfections out and to give the next coat something to adhere to. The last couple of coats I use 400 grit between. For exterior wood I don't even THINK about stopping until I have at least 8 coats, 12 is better. With that many coats on, the final finish looks like glass. I've been accused by friends of "putting the hyphen in anal-retentive", but they are the same people who compliment me on the appearance of my wood. Properly applied, varnish is very, very tough. There is some maintainance involved, but I think it is worth it. Cetol and similar products promise "easy, no fuss finishes" but I happen to think that while it may be easy, Cetol lacks the beauty of varnish. I think it makes the wood look muddy. Keep in mind as well, that you must start with a truly smooth surface. I use McCloskey Man 'O War, but Z-Spar, Epifanes, etc. are all good. I get my Man 'O War at OSH (Orchard Supply Hardware) and pay about $32.00 a gallon. The local chandlery gets $18.00 a quart for it. Give varnish a try, I think you'll find it worth the extra work.