Um, you don't want to be pumping the brake lever while the bleed screws are open. This can draw air back into the calliper. Below is how it should be done.
Preparation:
1. Clean and remove reservoir cover.
2. Install clear plastic hoses on each bleed screw.
3. Run hoses into small catch container. This is done because brake fluid makes an excellent paint remover and you don't want that!
Next, Gravity bleed the system:
4. Open both bleeder screws about ½ turn, watch each hose and you should see brake fluid start to run out the tubes. Let this run for a min or two until you don't see any bubbles coming out. WATCH your reservoir, you need to keep topping it up as the level goes down.
5. Once you are satisfied there is no air in the system, close both bleeder screws.
Next, Pressure bleed the system (you'll need two people to do this):
6. NOTE: You can only pressure bleed one piston at a time. Start with the bleed screw closest to the brake line. Get a friend to sit on the machine, so they can work the brake level.
7. Have your friend slowly pump the brake lever 2 times.
8. Next get them to pull it and hold it while you slowly open the bleed screw (remember to do the one closest to the brake line 1st).
9. Watch the clear hose checking for flow and bubbles.
10. When the fluid stops flowing, close the bleed screw, then have your friend release the brake. DO NOT release the lever first as it will such air back into the system.
11. Repeat steps 7-10 ON THE SAME BLEEDER at least 3 times or until you no longer see air coming from the bleed screw.
12. Repeat steps 7-10 using the other bleed screw.
Clean up:
13. Make sure your reservoir is filled to the proper level and reinstall the cover.
14. Wipe up any spilled brake fluid, again it is very proficient at removing paint.
As for what type of brake fluid you require, you'd have to consult your manual.