Step 6: Park and draft
Bring your right hand up to meet your left, and pinch where the twist ends, freeing up your left hand to move back. The fiber between your hands is called the "drafting triangle." The amount of fiber in the drafting triangle will determine the thickness of the finished yarn. If you want a thinner yarn, draft out the fiber in the triangle more. When you are satisfied with the thickness of the drafting triangle, release your front (right) hand, letting the twist run up into the triangle, and making yarn!
Repeat this process, moving the front hand up to the new end of the twisted section, moving your left hand back, drafting, and letting twist into the newly drafted fiber. When you want to add more twist, hold the yarn with your left hand at the bottom of the drafting triangle, where fiber turns into yarn - it is important to keep a leash on that twist. Use your free hand to spin the spindle, building up more twist, and park it again. Keep going until you have a foot or two of yarn, then go on to the next step.
Tip: If you find there is too much twist in your drafting triangle to comfortably draft, try untwisting by rolling the fiber in your right hand. You might also find that you do not have enough twist, and it feels like your yarn could easily be pulled apart, in which case you'll want to add more twist.
Don't worry about how it looks at this point, worry more about how the process feels, and just let your hands do a lot of the understanding.