Instructions
Read the manufacturer's instructions for your airplane. The instructions will include recommendations for the propeller that will make the most out of your plane's engine.
Follow a propeller chart such as the one on the RC Airplane World website (see References). The chart, by Top Flight, suggests a range of propeller sizes depending on the airplane's engine size.
Determine the current load of your plane's propeller and replace it with a propeller of higher load (to slow the plane) or lower load (to increase the plane's speed). To determine the propeller load, use the Propller Load Formula (PLF).
Load = D^2 x P
According to this formula, the propeller load is equal to the diameter of the propeller squared, multiplied by the pitch of the propeller. Propeller labels give both of those numbers. For instance a "10x6" propeller has a diameter of 10 inches and a pitch of 6 inches. When you insert these numbers into the equation you have: 10^2 x 6 or 600 rotations per minute (RPM) as the propeller load.