Summarize the following:
Don't adjust your bow until you have installed any optional accessories you plan on using, including silencers, balancing weights, an arrow rest, and sights. Any accessory can potentially affect how the bow shoots.  Install your peep sight through the string, if used. Install any silencers you will want to use. Choose an arrow rest. There are several types, common ones include biscuit rests, flipper rests, and others. This point should be about one arrow diameter square from the string, above the bottom of the arrow rest. Arrows with too much or too little spine, or that are too short or two long for your draw length will make accurately tuning your bow almost impossible. You may use any type of paper, but try to find a large sheet at least 24 inches (61 cm) on each side that is thin enough to tear with the force of a fletching going through it. Place this in a large picture frame with no back, or cut out your own frame from cardboard. Place the framed paper about 5 feet (1.5 m) in front of a safe target for your arrows, with the center of the paper at about shoulder height. Be prepared to use several sheets of paper in case your bow needs major adjustment. Shoot the arrow while standing approximately 5–10 ft (1.5–3 m) from the paper. You may wish to shoot two or three arrows, but only if you have the space to make a distinct hole in the paper for each one, near the paper's center. If the hole is a neat tear with three vane marks centered evenly, your bow is likely in decent shape already. If one of the vane marks is much thicker and sloppier than the others, make adjustments as described below. Always start by correcting vertical wobbling in the arrow, sometimes called porpoising. If the vertical tear on the paper is thick and long above the entry point, raise the nocking point slightly and shoot again. If the vertical tear is thick and long, but below the entry point, try lowering the nocking point instead.  In most cases, finding the correct nocking height for your arrow will prevent it from wobbling vertically during flight. If you cannot solve the problem after several shots, consider the following adjustments:  The fletching on your arrow may be striking the arrow rest as it leaves the bow. Mark the vanes of an arrow with athlete's foot powder or lipstick, as well as the arrow rest and any portion of your bow near the arrow. Shoot the arrow, then see where the material is rubbed off or marked. Adjust the arrow rest until the material is not smudged after shooting.  On a compound bow, the wheel timing of your cams may be off. See the timing section. If the "tail" of the tear in the paper is much larger on the left or right, your arrow may be wobbling horizontally as it flies. This is typically caused by using an arrow that is too light or too stiff for your bow. Check the minimum arrow weight of your bow, or use an arrow selection chart to look up the correct "arrow spine," or stiffness, for your bow. If you are using the correct arrows, try adjusting the arrow rest left or right, or altering the spring tension of your bow. Once you can shoot holes in your paper that are small and round, surrounded by small, even lines torn by the fletching, move back to about 40 ft (12 m) and try again. Because the arrows have a farther distance to fly, small problems will alter the arrow's flight more drastically. If the holes in the paper have any of the problems described above, make the same adjustments on a smaller scale to fine tune your bow. Once you are consistently getting well-shaped tears in the paper from this distance, your bow is well tuned.

Summary:
Install all accessories first. Use a bow square or other tool to center your arrow rest with the nocking point on your bowstring. Make sure you are using the correct arrows for the way your bow is set up. Frame a piece of paper a few feet in front of an arrow backstop. Shoot a fletched arrow at the target, through the paper. Examine the hole your arrow made in the paper. Adjust the nocking point based on the vertical appearance of the hole. Eliminate side-to-side wobbling. Test again from further away.