If your hair is dry and you have not conditioned it then you are running the risk for splitting the ends. So to begin with, make sure that you shampoo well and use a conditioner unless of course your hair is oily. Towel dry it as there is no need to blow_dry your hair for the ponytail look. You might want to add a little bit of gel to give it a nice shiny look and to help keep those flyaway hairs under control.
Now many people would use elastics but if you are going to use these then make sure that they are coated or covered in material such as scrunches for example. Once you have done this, you can stand back up straight and adjust your ponytail to exactly where you want it to hang from. Some individuals like a ponytail that will hang almost from the top of the head whereas others like it in the middle section of the back of the head and some even lower. This is going to come down to the type of look you want and if you are going to do anything further as far as styling with your ponytail