Hello everyone,
I'd like to know what are the different methods of improving my speed on the electric guitar. Techniques on holding the pick position of the fingers and everything else related to playing fast.
I'll be glad to receive some tips or advice from you guys.
Thanks a lot. Bye take care guys!!

Hi Suvrat,
I'm not sure if you mean shred style or just playing solos.
Here are some basics.

Pick hand
Your pick should be held flat to the string always .
Use alternate picking .
Always play with a metronome, practice scales and arpeggios slowly in
proper positions .
As you become proficient at one speed, then speed up the metronome .
Do this until you reach the speed that you're satisfied with

Fingering Hand
Play with your thumb towards the middle of the back of the neck, NOT hanging
over the fingerboard .
Make sure that your hands are relaxed, never tense . If your hands
are hurting, stop and relax your hands and start again .

Remember, speed doesn't make a great player.
Feeling , articulation, vibrato and melody always shine through in
the end !

well, you must play rick wakeman stuff, like merlin, after that i guarantee you will have good speed, check the song, it is very usefull a little bit hard.. not too much, but in the solo part you can improve your speed very well,

Sweep picking sounds pretty awsome if you can get it down. Frank Gambaley, forgive me for hacking his last name, has this technique down. Give it an ear, you can find some sounds from him on alta vist in the mp3 search part of the site.

Alternate picking, Up and down strokes and sweep picking are all good for speed, and Hold the pick flat to the side of the index finger and hold with your thumb and leave as little of the pick point as possible sticking out this will help with Alternate Picking.

As suggested by John McLauglin try practicing scales playing forte using a heavy pick.