Actually I think you can do this a little faster. Steps 1-3 are good. A tip is don't move around at all, just spam your lance right while standing still until you see him walk away.

4. Once he starts to walk away, spam your Charge (3) ability.
5. This is one time where keyboard turning comes in handy. When you charge, you'll keep running past your opponent. Use your A or D key to make a wide circle while spamming your shield breaker (2). Then close the gap and stand on top of your opponent again and spam your Lance (1) ability again.

Krick I couldn't tell in your step 4 where you suggested to "run in" whether you meant to charge or just walk back to your opponent. But you can actually wear down two of his shields with a Charge -> Shield Breaker combo. Often times he can't refresh his shields fast enough and your Lance ability will land for around 3k, while your Charge will hit for almost 6k.

Because of lag, he'll probably be able to land a couple Shield Breakers and a Charge, but not nearly as many as you will land on him. Just keep an eye on your shields and you'll be fine.