That bolt is called the outer tie rod end, just for reference. The way that I do it is to put a bottle jack under it and jack it up until there's good pressure on the bolt. that should hold it moderately tight. Then, as you tighten it down, use a box end wrench on the nut and then a vise grips or something else on the top of the bolt to hold it steady. This has worked for me many times now. good luck,
Nate Gundy
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'86 240DL sedan, 260K miles, M46, K cam, 25/21mm sways, 260 front and wagon rear springs; http://valvespringcompressor.weblogs.us/