The most common way to hold the stick seems to be with one fistful sticking out after your pinky.
I call this grip the Tail Grip.
The area that is protruding at the bottom is used for striking, hooking, and pinning.
The next most common grip is to hold the stick at the very bottom.
Following the same concept as the Nunchaku.
The lower you grip towards the bottom the more power you get, while you get more control the closer you grip towards the center of the stick.
Holding the stick at the very bottom is what I call the Power Grip.
I want to introduce a 3rd grip that I find very useful.
I call it the Knife Grip.
The idea is to hold the stick with 2 fistful amount of stick sticking out on the bottom.
This grip will allow you to simultaneously practice your stick techniques and Reverse Grip knife techniques.
This is very important because most people I see on Youtube seem to prefer using the knife in the Reverse Grip yet they are very awkward with it.
If you were interested in learning Reverse Grip, the old school way was to hold the stick in the Reverse Grip which would be the opposite of the Power Grip and hold the stick at the very top.
I practice this way too, but I find that holding the stick in the Knife Grip is more of a direct correlation to handling a knife in the Reverse Grip.
Three Stick Grips
1. Tail Grip
2. Power Grip
3. Knife Grip
Practice your forms and techniques using these grips, so that you are getting triple the practice.
Remember you need to put in the repetitions to get better, there is simply no way around that.