In a Steadicam system, the camera is mounted to the top of an armature and is balanced by counterweights (typically a monitor and batteries) at the bottom. At their center of mass, they are connected to a support vest through a gimbal and an iso-elastic arm. The added mass of the various components increases the camera's effective inertia and reduces shaking.
Following this principle, you can improve the stability of your camera by simply adding weight to it. The amount of weight that you need to add is proportional to the weight of the camera. As a general rule your weight should be at least as heavy as your camera in order to be effective.
The Steadicam is designed to accommodate large professional video cameras. As a result, the system has heavy counterweights and requires a substantial support system. But when working with small point-and-shoot cameras, the system can be greatly simplified. The support vest, the iso-elastic arm and the gimbal can be removed and the stabilizing weights can be attached directly to the camera. This is the basic design of handheld camera stabilizers like the Merlin stabilizer.