Picking the right place for the sensor is easy. Just pick the fattiest part on the back of your arm.
If you are lean and do not have much fat in your arm, we are very envious. Try picking a spot that is not affected when you flex and extend your arm, or when doing any other movements you would normally do.
If you have a lot of body hair, you can shave a small patch off to make removing the sensor easier, but this is not by any means required.