I don't know if it's 'proper', but this is how I like my shirts to fit:
(Excuse the left sleeve, which is caught on my watch)
Getting a slim fit is a small challenge. It's much harder and rarer to get a good shape. I hate it when fabric bunches unevenly and pulls at the waist, or when odd bits of excess flap over the waistband. A nicely shaped shirt that is neither too loose nor too tight--and in the right places--will look relaxed and tidy at the same time.