I usually lock my wrist on the bridge, while
trying to mute the strings i'm not picking with the palm of my hand.
For getting high speed with high accuracy, it best to get the speed out of the wrist, not the for-arm(wich is faster, but not easy to control).
How you hold the pick, pick your strings, etc... . Thats just a matter of doing it the way it feels and sounds the best to you.
Speed comes with practise, there are no shortcuts,hehe.
Oh yeah, for preventing dropping your pick while playing, try carving a big X in your pick on both sides for more grip, that does the trick for me.
