How far back should your brake lever go?

[Tibbs]

Right so a trip to Halfords later and I have a bottle of brake fluid and a brake bleeding kit.

Since I've never done this before, could someone confirm that this is the right way to do it?

Attach the tube to the bleed nipple
Open up the master cylinder
Pump the front brake
As the level drops fill up master cylinder with new fluid
When new fluid comes through at the bottom close off bleed nipple
Repeat for both sides of calliper and then the other calliper.

I bought 500ml of fluid, will that be enough?

I also have a jam jar for the excess fluid.

How do I allow for the wear on the brake pads?

Thanks