I spent a fair amount of time of my summer break in the States teaching people how to hold the bow, draw the string and release. Let me try to put it in a nutshell, as much as possible.
First, place the handle diagonally across the palm of your bow hand, with the bottom of the handle digging into the heel of your palm.
Second, wrap your pinky, ring, middle and index fingers around the grip, and then bring the thumb around.
Third, place the string between the thumb and the ring, with the arrow placed on the string just above the thumb ring.
Fourth, wrap your index finger around the tip of your thumb, like you were going to flip a coin.
Fifth, rotate your draw hand wrist, so that the index finger pushes the arrow shaft into the bow. Now, the arrow is locked in and won't fall off, even if the bow is canted upside-down.
Sixth, you will "push the high mountain and pull the tiger's tail" (push the bow at the same time you draw the string). Power should be applied to the bottom of the grip and a bit of torque applied.
Seventh, everything should be straight and inline. However, there should be about a three-finger space between the string and the inside of your bow arm. Also, the bow arm should be parallel to the string; it takes practice to be able to do it, but it's important.
Eighth, remember to keep your stance correct: bow-arm foot pointed at the target and draw-arm foot shoulder width apart, about at a 45 degree angle.
Ninth, draw the string straight back, keeping everything straight, and anchor when you feel the back of the arrow point touch your thumb.
Tenth, hold for 3-5 seconds and relax the draw hand. The torque will rotate the string slightly away from your bow arm; as long as your bow arm is parallel to the bowstring and all other form is correct, there will be no arm slap ("Archer's kiss").
I hope it helps. I'm still a bit jet-lagged, so I might have missed something, but I think that's most of it.