If magic loop looks like this (the piece wouldn’t sit still, so it looks a little weird):
Then lazy loop looks like this:
With this arrangement, you don’t risk getting a ladder in two spots and you can very easily shift the stitches around. It’s easy to scrunch all the stitches up to make the circle of knitting really small, providing plenty of empty cord to knit onto. I found that if I tried to shift the stitches while using “proper” magic loop, I was accidentally eliminating the second loop anyway.
This is also nice because it makes the beginning of the round immediately obvious. While I know that stitch markers are easy and cheap, sometimes my notions supply is not within reach. (Like, it’s on the floor next to the couch and I’m sitting on the couch. Obviously way too far away.)
As I said this morning, this simplified magic loop won’t work as well for a small piece, like a sock—you need the stitches to be numerous enough to create a continuous loop with one “needle” in the circle. Hope this helps you visualize it, and I hope it comes in handy (if you haven’t happened upon it yourself already).