I agree with Scrap, you don't want too much bandage going over your palms.

I use the long, stretchy hand-wraps myself, but what I do differently is instead of wrapping around my palms, I fold it back and forth over my knuckles. This is held in place with a piece of bandage tape (i.e. the kind that is found in hospitals). To further secure it, I then wrap in between the fingers without putting excess bandage over my palms. Wrapping in between the fingers is more about securing the pad that rests over my knuckles so that it can not move around.

On a separate note, if you find that the wraps are coming loose around your wrists, wrap it a little lower. I have small wrists so I find that I have to go a couple of inches down the forearm so that it will stay.

Also when your hands are gloved up, you should curl your fingers around the padded bar of the glove instead of pressing them flat against your palm.

What it all comes down to is protecting your hands while allowing you to make a fist. Being able to make a good fist is perhaps the best protection against hand injuries next to throwing your punches properly.