G-Spot,
I'm not that far ahead of you, now have 55 hours instructing under my belt. I was thrown in the deep end, 3 trial flights in the training area, then inherited a student that was starting circuits, probably the most demanding sequences, especially for an inexperianced instructor.
You will find, talking, flying, giving correctives, identifying the need for the corrective, deciding what is required, verbalising it, checking that the student has carried your command properly9especially near the ground - say approaching round out or flare), will be challenging to say the least.
Decide now, the words or phrases you want to use, keep it simple(more power, more back pressure, less power, are we high, are we low etc). Words you can spit out when you're under pressure.
It won't come easily, and will take some time to get used to, I'm just now starting to feel somewhat comfortable and allow the student to make bigger mistakes before taking over.
Don't be affraid to take over, and demonstrate the sequence or manouver to the student and remember, when explaining something to the student that needs more than a few sentances, take over the controls so he student can concentrate on what you're saying.
You'll love it, especially when one of your students pulls of his/her first greaser.
OG3