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Raising the hand to stop the clock is not so much for the timer as it is for the coach, players and your partners. And I agree that it gives you an opprtunity to "think."
Chopping the clock should be done and the timer should be watching you. How many times do you see a defender slightly deflect the ball as the thrower passes it? I see it at least once or twice a game. In the final seconds, that can be crucial. A timer on the far side of the clock is NOT going to see that.
It is not required or necessary to raise the hand before signalling a held ball.
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