It really depends on the age of your lo; if she's 3-6 months, then yes, pick up, calm down, put down. If she starts crying again, repeat. You may have to do this 100+ times to start. But don't do it longer than 40 mins. If older than 6 months, pick up, then put down immediately. If she's younger than 3 months, don't use this technique, it's too stimulating for her. Use pat/shh instead.
*HUGS*
Sonya =P