To place a 5-lead EKG correctly, nursing students should follow these steps: First, identify anatomical landmarks on the patient's chest. Place the right arm (RA) lead below the right clavicle, and the left arm (LA) lead below the left clavicle. The right leg (RL) lead goes below the right lower rib margin, and the left leg (LL) lead below the left lower rib margin. The V lead goes on the chest, at the 5th intercostal space, right of the sternum. Proper placement ensures accurate cardiac monitoring, a crucial skill in patient care.