That is called Course Lock / Home lock flight. The method you stated is most likely the course lock mode.
If you have flown it right out of the box, you'll be in basic phantom mode. Dumbed down so it minimises trainer pilots from crashing.
If you wish to advance from this, you can plug the phantom into the PC/MAC and run the phantom assist and enable NAZA with IOC (intelligent orientation control) check box ticked. DJI suggest this mode after you have completed your training.
On your remote, IOC is the left toggle switch. OFF = top, MID = Course Lock, Bottom = Home Lock. These modes will change the flight behaviour and move the phantom in the direction of the right control stick and ignores which way the nose of the phantom is pointing.
To put simply, CL is grid like movement, HL is wheel shape movements. The HL mode will revert back to CL when the phantom is within 10m of home point (where you got sat lock).
Take advantage of HL mode when you have lost sight of the phantom. You can flick to HL and then pull the right stick back and it will come to you no matter which way the phantom is facing. I prefer this method over RTH/Failsafe.
Read up more about IOC.
And make sure that you take off with both s1 and s2 switches on the up position.