That's exactly the same as how i do mine, but inside out - so my ladder is on the outside, and the verticals on the inside. This makes the shoe look good.
Then the knot at the side is on the inside (reef knot so it's flat). Then i cut off the excess, with about a quarter inch stump, once i'm happy with the tension, and it's just a slip on shoe. The knot never comes undone.

Done this since i was a teenager, for looks and convenience. It probably won't work with a pair of Brogue winkle pickers but it's great for Reebok Classics.