Check out MRs tutorial http://luminous-landscape.com/tutorials/expose-right.shtml which also contain a reference to another good link "Understanding Histograms".
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MR's essay is what introduced many of us to the advantages of exposing to the right (ETTR) and subsequent comments Thomas Knoll and Bruce Lindbloom were very helpful.
From my reading of MR's essay, he is relying on the histogram and flashing highlights to determine when highlight clipping occurs. For most work this is probably sufficient, but with most cameras clipping in the RAW channels does not occur until exposure is 0.5 to 1EV over that indicated by the above methods.
If you want to carry out ETTR fully, it is necessary to take a spot meter reading of the highlight and apply an exposure compensation that has been determined by previous testing to place the highlight just short of clipping in the RAW channels. This is often about +2.3EV over the metered reading. This is discussed at length in a thread on the Adobe ACR forum:
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Of course, if you miscalculate, you risk blowing the highlights and losing data. IMHO, if the shadow portion of the histogram is not clipped, the camera is capturing the full dynamic range of the scene. ETTR will give less shadow noise and more levels in the shadows, but this may not be worth possible loss of highlight detail. Moreover, most raw converters roll of the shadows anyway, Nikon Capture more than Adobe Camera Raw.
Bill Janes