That is the way you do it with conventional bleeders. Speed Bleeders have a valve in them making the open and close not needed. They seem to only really work when have little to no air in the system. Another good way is to attach a piece of clear tubing to the conventional bleeder nipple and run it down into a glass jar with brake fluid in it. Making sure the tube end is below the level of brake fluid in the jar open the bleeder. Then you just pump the lever or pedal with the bleeder open and watch the air bubbles in the jar. Once you can pump the brake and see no air in the jar it is bled.

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