The hotkey can be whatever you want to spam.

The steps are different actions that occur on each press of that hotkey.
So if you have one step, then every time you push the hotkey the same/only step occurs.
If you have three steps, then first push does Step One, second push does Step Two and third push of the hotkey does Step Three.

You choose what each step does, of course.
The output can be the same or it can be different.

The sticky thread with Mercurio's boxing macros are all two steps.
In his examples, step 1 sends " 2 " and step 2 sends " ; ".
The hotkey, or key you spam can be whatever you want.