Fred:
Why did you start hanging in the first place?
Well, wb, if you answered, "I got the Bib Hanger so that I could apply a measured amount of force to my penis over a specified length of time", then the answer to your original question would be obvious. If your answer is more along the lines of "Gee, dad, all the other kids have Bib Hangers, and they look really cool", the answer is not so obvious.
The man himself, tps, has produced an excellent video demonstration of the Bib in action. This is a good place to start. Did you know that some guys go to the gym for over 20 years and still cannot bench press with proper form? Hanging is an advanced form of PE exercise: it usually is not perfected quickly. Keep working on the wrap, but especially check out Bib’s tutorial on how to properly adjust the hanger, and you may find enlightenment in your ongoing quest for Penis Enlightenment, my young Yogi friend.
GM