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The reset is a little more specific than that.
First, turn the phone off. Then, while turning it on, press and hold the volume down and home button. Once it starts to turn on, release. This should bring you to a text based menu called recovery. Use the volume buttons to navigate the menu to the wipe/factory reset option and then use power to select. Then go through the setup again.
If that doesn't work, do the same exact thing but with the up volume while starting instead. One of those will work. You may have to try several times since the timing can be tricky.