All of the steps have to be done quickly. It's also quite easy to get tired. You know you've got the rowing going correctly when you see Belgdor slide around at top speed. You should see your screen jerk in an effort to catch up with him as the scenery whizzes by. Keep in mind that if you attack during the row, Belgdor will resume his normal walking pace.
Some people like to end a row with a dash attack, if the enemy position warrants it.
Perhaps the best use for Belgdor's rowing is as a form of okizeme against a downed opponent. When an opponent is down, row around them to get out of their field of vision, preferably behind them. The opponent won't be able to see where you are as you get up, whereas you'll be able to see them just fine. This way, you'll have your pick of Dash Missiles, Dash Grenades and Napalm. Watch and see what they do.