I do it like looper, but I do use the cold water cooling- it's important! The cold water sets the glue, and contracts the pocket of air left in the point which helps keep it on. Ferr-L-Tite is better than other hot melts in my experience.
When heating the head, just heat it until it smokes a bit. I use a propane torch set on low flame, just for a few seconds. That will remove any oil residue without having to use something dangerous like acetone. The point should be hot enough to liquify the glue, but not boil it out of the head when you push it on and rotate it. The glue will turn black if it gets too hot, but will still work if you don't overdo it. I blow on the point while pressing it into a dense wood block so it doesn't slip while transferring to a big cup of cold water.
I never lose a point on fresh arrows. I occasionally lose one after several years of aging. When I put broadheads on, I do it the same way except for pressing it into the wood block. Instead I hold the hot broadhead firmly with pliers and rotate the shaft until I find the point where it spins perfectly, then quench it in the cold water.
I was taught this technique by Stinson Hill, Howard's uncle, at the first HH World Championship in Wilsonville, AL that I attended, a couple of decades ago. He noticed that I was losing points and took mercy on me. We heated my points on the charcoal grill where he was grilling burgers for the crowd! He said he learned how to do it from Howard.
Good enough for Howard, good enough for me!