Where exactly is your picking arm suppose to be? I've heard of "floating", but what is the best way, and how can I achieve this (exercises, etc.) ? I'm trying to avoid any bad habits, as they'd be harder to get out of down the road then now (4 months).
Just don't rest your arm/hand on the front of the guitar while playing. Being conscious of it should be enough.
Whatever feels comfotable is what you should do. I rest my arm on the guitar and I do fine.
I would look at how classical guitarists hold the guitar first, and see if the "correct" method works for you.

The way they hold it really is the best for reducing tension
mydadisjewish = avatar stealer
ok thanks. I hold just my hand on the bridge now, just wondering if there was another way.
Holding your hand on the bridge is gonna mean you will occasionally palm mute, unless you're wicked accurate. I would recommend you hold your upper forearm, near the elbow, on the back of the guitar. It's relatively comfy for me, and you can just lower your hand if you need to palm mute..
Get baked, study theory.

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Why are you bringing Cm into this?
so like on the top of my guitar would be good? i can do that fine without palm muting btw..