I have found this bleeding procedure helpful.
Make sure the master cylinder reservoir is full.
Dismount the slave cylinder, but leave the hose connected. Push the actuator rod all the way in. Let it out slowly. Repeat 3 times. Remount slave cylinder.
Good idea to orient the cylinder so that the hose connection is at the highest-most position, so the air can be flushed out.
BMW has a Special Tool to compress and release the rod.
Ed in San Jose '97 540i 6 speed aspensilber over aubergine leather. Build date 3/97. Golden Gate Chapter BMW CCA Nr 62319.