Traditioal way you said?
Well, I think that English way 40 years ago was quite traditional. This is how we did it:
After doing at least really necessary repairs (and having taken off all the deckware), paint the deck (ordinary enamel, some read lead priming eventually), let dry, lay down soaked cloth, stretch is as much as you can, nail down. When dry, "paint" a few times (3,4) with VERY LITTLE of very diluted enamel each time, so that it remains shrunk, and when "rigidified" by this "primer", paint over.
I would not say that I ever liked it, but at least, it allows the wood to "breathe" a bit, is reasonably watertight. Life expectancy: 10 years a very maximum.
"Homme libre, toujours tu cheriras la mer" (Charles Baudelaire)