Point your magic wand to misguide the audience. Many times a magician will use the magic wand to throw off the audience. When you point your wand, your audience looks in that direction. You can use that tool to do your dirty work on the other side when the audience looks away.
Hold the wand in a loose fist. This allows you to have another object meant for a magic trick in your palmed hand while you hold your magic wand. If you have something palmed in your hand, holding a wand gives you a great reason to keep your hand closed but still look completely natural.
Pick up secret objects when you pick up your magic wand. While you pick up your magic wand, you can also pick up an object sitting next to your magic wands.
Set down or pick up your magic wand to ditch an object that's being hidden in your hand. Have your wand resting across a top hat sitting upside down on a table. When you grab the wand you can drop the object you're hiding in your hand into the hat.
Use magic words with your magic wand. Use magic words like "hocus pocus" and "abracadabra" to bring life to your magic show and to make your magic wand's use seem even more realistic. If you use magic words while using your magic wand, people are more likely to believe your magic act.