There are basically two choices of location for a palette: one you hold as in this photograph of one of my students at work, or on a taboret or table top. While it is certainly a matter of personal preference, there are reasons for having one that you hold. When an artist is new at his craft, he will tend not to stand back and take a look at what he has got going on the easel. And so when you have a palette in your hand, you are not so tied to the table next to your easel and can move back and forth, painting a bit, then stepping back and taking a look. Long handles on oil painting brushes are also helpful in getting a bit of distance on what you are doing IF you hold it the right way and don't 'choke' the brush up too close to the bristles.
I like using a table next to where I work and as I get older it is more comfortable than using a palette resting on my arm with fingers gripping the hole. But try out both and see what you like.