Holding onto the chicken line is a no no for two reasons:
1. When you plant the bows you'll never be able to hold on hard enough.
2. If you wrap, or it accidentally wraps, around your hand you'll rip your hand off.... or break it at the very least.
If you think I'm kidding, I've straightened an 8G S hook that was hooked into my harness.
The best version of the chicken line is as ksurfer2 described with the jam cleats on the spreader bar. That way it's easily adjustable and it will release if you fall on it the wrong way. The problem with this is if you don't have a bar on your harness you can't attach the cleats, so you need a hook onto your harness... I find hooks dangerous and stuff gets caught on them. I actually use a ball and loop system... it's hard to explain but I'll get some pics up soon.
Also, while hooking to your trap ring may be a little safer it is not as stable.