What am I doing wrong? Here is what I do step by step, starting with a naked axle inside the hub:

1) I put cone and lock nut on until 3-5mm of the axle is protruding on drive-side.
2) I put on the cone on the non-drive side until I feel bearings.
3) I loosen cone slightly so little play is left
4) I hold cone in with cone wrench, while putting on spacer and lock nut.
5) I continue to tighten lock nut on non-drive side.

Evrything seems smooth. There is the desired little play. - Only to find out that the lock nut on the drive-side is barely finger tight. Am I missing something?

edit. sorry about the bolt/nut misunderstanding. english is not my first language.