Step 2: Accurate Alignment Assuming your goal is long exposure imaging, then it is worth spending time getting your mount precisely polar aligned. The first time you do this, expect to spend an hour or two fiddling around, but you will soon get it down to a fine art. Time spent here is worth while and the benefits will be gained in the quality of your final images.
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The technique relies on observing the drift of stars through the eyepiece and slowly fine tuning your polar alignment.
You need an extra piece of equipment to perform this task, an "illuminated reticule eyepiece." This is an eyepiece that has either a cross etched into the lens or thin wires forming a cross. These are illuminated by a faint bulb inside the eyepiece. They can be bought from most astronomical suppliers.
To start, identify a star that is roughly due south, or preferably a little to the left of due south and within 5 degrees of declination from the celestial equator (the celestial equator is the extension onto the sky of our own equator). Center this star in the field of view of the telescope so that it lies on the illuminated cross. Now, using the slow motion controls of the telescope, move it east and west in right ascension. Adjust the illuminated eyepiece so one axis of the cross follows that line and the star moves slowly back and forth along it. With the motor running, observe how the star moves, ignoring any left-right movement, just looking at up and down.