No thanks; that way it's hard to get all the orange, and you are in grave danger of getting orange juice all over your face.
Cut the top of the peel off with a knife as if the peel is a hat that you're removing. Then score the peel with 8-12 lines from top to bottom. Peel those off (thumbs work well). Ta-da! Peeled orange. Wiggle your fingers in where the stem is until you get enough grip to pull the orange in half. Keep pulling until you get it in as small of sections as you desire. Clean and easy!
Now, if it's a mandarin, peeling is easy, and you don't need a knife. Booooring.