I have experience drifting 2 cars. My AWD Legacy, and a 350Z.
Technique is different for both, but I'll go over my RWD technique.
What you are doing is the shift-lock. Pretty standard, but not very smooth (though in the wet, it can seem to be. Try it in the dry, and you get some drivetrain lash and probably a wicked hop out of the rear end).
I usually don't come in hot. Coming into a turn hot, never ends well. Stay in gear, steady throttle (not on it, just enough to maintain that "float" between on-power and engine braking). Flick left slightly, and then quickly come back right. Just before the car shifts, you CAN tap the brake with your left foot as you roll onto the gas with your right foot. You don't HAVE to tap the brake, and it's all a matter of just how fast you are going. Tapping the brake while turning, and you'll understeer. Keep that in mind.
Now, you can do a few things from here.
You can float, off throttle, wheels straight, just sort of sliding. This is kind of fun, better suited to cars that aren't in danger of rolling because in a top heavy truck, you want the wheels to KEEP spinning. You will experience a breif feeling of weightlesness where you "float", and that's the countersteer point.
Or, you can feather the throttle, counter steer keeping the wheels pointed where you want.
To pull out of the latter, you roll back off the throttle (don't jump off), and the car will begin to track again. It's difficult, with a slip angle so deep, to pull back smoothly to a road you are perpindicular to. Most of the time, if you are drifting along a curve, you can just straighten the wheel out as the curve straightens out and keep going.
Hard to describe my method, but hopefully it offers insight.
I know it's a video game, but the dynamics are pretty solid for real life.
If you can exit the drift lined up like in this picture, then you'll be nice and smooth. Like you never even lost traction at all...