Trackstands

A trackstand is when a you come to a complete stop and stay balanced in one place without your feet touching the ground. This really makes life easier when you have to stop for a few seconds (or minutes) and yet you don't have to "unclip" and get down off your bike.

As an added bonus, learning good balance will significantly increase your "technical" riding skills. Area's that may have intimidated you on other days will seem much less frightening when you can properly balance and handle your bike. Take my word on this!
Here's how to learn a trackstand:

Come to a complete stop with your pedals parallel to the ground and your "good foot" forward.

Move your shoulders forward until they are nearly over the handlebars

Turn your handlebars about 30-45� in the opposite direction of your good foot. For example, if your good foot is the left, turn your handlebars to the right. Some also find it easier it helps to rest the top tube against the opposite leg of your "good foot."

Apply slight pressure with your good foot and modulate the brakes to keep the bike in position.

To stay balanced you have to slightly turn your front wheel towards the way your bike feels it will fall. (maybe an inch or so) You have to also maintain balance through your body position. Make small adjustments accordingly.

If you feel the bike falling over, realease the brakes and apply more pressure with your good foot. If that is not enough, a half or quarter stroke should be enough.

Your trackstand should not be jerky, all movements should be slight and smooth. Once you can easily and comfortably 'stand' balanced, try working on your balance while seated.