Not quite Red Rocket, its a good way to introduce air into your system.
Firstly, rotate your lever so the resivour cap is horizontal.
Attach a length of hose to the bleed nipple, ensure it is a good fit, so you dont get leakage onto your pads. Clear is best also
Get a small open ended spanner the right size for the bleed nipple.
Open up the resivour cap using a small phillips head screw driver, make sure you dont loose the small washers, or damage the diapragm.
Open the bleed nipple with your open ended spanner and squeeze the brake lever.
While you still have the brake lever squeezed, close the bleed nipple.
Release the brake lever.
Repeat the last 3 steps whilst adding fresh oil to your resivour untill no air and no old fluid is comming out.
Once you are done with the bleed process, top your resivour up to the brim, and while holding a rag under the lever to catch any spillage, place the diagram on.
Put the resivour cap back on and remove the hose, being carefull about any spillage from that.
Things to note:
Dont over tighten the bleed nipple ever, its a pretty delicate threded cone, if you over tighten it, you can munt the thread or even worse snap the head off.
Motul mineral oil is a hell of a lot cheaper than shimano fluid, and its recomended by Motul for shimano and magura brakes.