Birds are a rather unique training experience. Unlike dogs or cats, telling your bird "no" means very little to it. You have the right idea by rewarding when your bird shows good behaviors, but you may have to take a different approach when it comes to punishment.
If your bird is biting you when he sits on your hand, do an "earthquake." Gently shake your hand up and down. The goal is to throw off the bird's balance, not to shake him. This will distract him from his bad behavior. As soon as it stops, praise the bird. It may take a while for him to get the idea, so be patient.
Another option is to stop all attention when he begins to bite. Put him in his cage, and walk out of the room. If the bird views your attention as positive reenforcement, then taking that away will get the message across.
Most importantly, never yell at your bird or try to thump him on the beak like you would a dog. He won't understand this, and will probably just think you're a jerk.
Good luck!