All of the good tips have already been mentioned, but there are some techniques that make hovering easier for the first time.
One of the things I find easier for first-time hoverers is to reduce the throttle to idle, pull up, and immediately maximize the throttle. Slowly decrease the throttle until the airplane is at a stationary hover. It is best if you do this at a medium altitude, as you may stall when pulling up but you will gain altitude when maximizing the throttle.
This is unlike some of the comments that were given, but it reduces the risk of not having enough throttle on the vertical upline and stalling.
--Flying .46