In this exercise you are aiming to maintain the semi-erect state for the duration of the exercise. This will also help you learn ejaculatory control and come in handy in all sexual situations.
If you can maintain a partial erection, you will begin to gain control over your blood flow, which will help you ejaculate when and only when you want to. Lubrication is also recommended with this exercise.
Firstly, make sure you have a semi erect penis.
The penis needs to be in this state so that it stays flexible and blood can move around easily. Maybe some stimulation aid to keep you at this state is needed. Partial masturbation and porn can help.
Now that you have reached the semi erect state place your forefinger and thumb in a ring shape at the base of your penis, hold firmly. This should now slow down the blood flow in your penis and keep you at a semi erect state. Take the free hand and form a similar ring shape and grasp the head.
Then, applying firm pressure, begin to milk the penis in long, downward strokes at all time keeping the pressure hand at the base of the penis. When you reach the "pressure hand" stroke upwards until you reach the original starting point. You will be able to feel the blood in the spongy tissue, as it is moved slowly toward the head. Do NOT rush this exercise as it should take 2-3 seconds per rep.