You got it. Actually simpler...you don't have to cut holes...compress the line by pushing one end toward the other and the weave will open up. Tapering the end just makes it easier to pass (or pull) through.
The taper is more important when you are doing a permanent eye or similar as it becomes part of the working line and bears a load. You want smooth transitions.
It REALLY is easier than it looks...and it looks easy.
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