Yep...that's the correct way, but you might want or need another rubber band or O-ring.

It also depends on your style of flying...
If you hear an odd sort of growling noise when pulling tight turns or doing snap rolls, etc. then it's probably the prop floating around and wanting to part cpmpany. A tighter O-ring or adding another will help that.

It's also a good idea to check them often to keep from loosing your prop at an inopportune moment.