Not really, you don't want to cast to far upstream from your standing position.. Cast the float up a bit above you, but the majority of your drift will happen below your standing position.
When you hold the float back by putting a bit of tension on the line as it leaves the reel, this is called 'trotting'. When you float 'c.o.c.k.s' this is when it goes to it's vertical position after being pulled down by the shot you've put on the line below it.
You don't want to close the bail, how else are you going to let the float go downstream? You'll want to control the line leaving your reel with your finger to make sure there is a slight tension..
I'm a newb when it comes to float fishing, but I've been lucky to have some great teachers.. It's helped with the learning curve