Step Two: Select the section you want

In step two you need to select which area of the video you want to recreate in a gif. To do this move the slider to where you want your gif to start, then (while holding shift) select the are you want your gif to end, please try to use only a small protion of the video because if you try to convert a large area you will obviously have a larger .gif file at the end of the process.

Step Three: Make it run smoother

In step three we need to change a few options so our .gif file runs smoother when we view it later. To do this click the first image in your animation pane, scroll to the end of your animation and shift click the last frame, then click the little arrow next to 0.4 and change the setting from '0.4' to 'no delay' if you've done this right all the frames should have changed from 0.4 to 0.0.This will help the animation run a little smoother. Finally go to File > save optimizes as and save your file as a gif.

Finished

When you're finished you should be able to use these skills to create something similar to the image I have on the right.