You MUST "fiddle" with that drain valve! Leaving condensate sitting in an air reservoir will damage it due to corrosion!
I suggest that you use the air nozzle that you blow the ZTR off with to let most of the pressure out then open the drain. But be ready because, if you've never drained it before , there's likely to be a substantial amount of water sitting in there along with some oil. It can make quite a mess.
If you want convenience, there are drain valves available that are spring loaded and, after installing a lanyard to the valve and tying it up somewhere at the top of the tank, a simple pull on that cord will drain the tank and you don't even have to bend over.
After draining the tank, run the compressor until it cuts out. Unplug it or shut the breaker off. Use a spray bottle with a mix of water and a small amount of dish soap to spritz around the pipes and compressor cylinder.
DO NOT spray the motor or electrical connections/wires!
Most leaks will show up as bubbles and you can then work on how to stop them.
DRAIN THE COMPRESSOR AFTER EACH USE!
Good luck.