There was an old medicine woman that used to take me on field trips for wild herbs when I was 10 and 11 years old. She used to tie a cotton sewing thread around the widest part of a wart and, slide the loop off of the wart and follow the process you mentioned after she pressed the circle between her fingers.
She also told me. The actual healing starts with the transfer of your energy when you touch the persons wart.
She taught me a lot of things about the old herbal medicines that she had me help her make so I would learn.
The most amazing healing formula I ever saw, was a formula she made using balsam pear.