Still feeling uneasy whenever you read crochet instructions telling you to start with a magic loop? With this method, it really is as easy as creating a regular slip knot. Below the GIFs you will also find a more thorough explanation on how to make a magic ring.
Tutorial video
Slow motion
Written instructions
Start by holding the tail end of the yarn in the palm of your hand and wrapping the yarn clockwise around your index finger twice.
Then lift the back loop over the front loop (front being the one closer to your fingertip), not yet slipping it off your finger.
Afterwards, take the (now) back loop and lift it over the front loop and off your finger.
This will create a loop that looks similar to a regular slip knot, and pull on both ends of the yarn to tighten.
Now you can slip the loop off your finger. Turn it around so that the tail end of the yarn is facing away from the palm of your hand and start crocheting into the magic ring.