Basically you reel in until you have little more than the leader out of the rod tip. Hold the fly in your hand by the "bend" of the hook. Point the rod at the target. Pull on the fly so that it bends the tip of the rod. Let it go.....

This is not at all a distance cast. It is meant to allow you to place a fly where no back cast or roll cast is available. It is a very useful cast in heavy cover. Creeks with heavy vegetation or for short accurate casts like trout holding along the bank of a spring creek are great locations for this particular cast. It's both accurate and stealthy.