Before you start working the CG, sign-up for it at the station.
The two parts of the CG are cargo and bounty hunting. Cargo is straightforward: buy from the nearest/cheapest station you can find, sell it at the CG station for a profit. A guesstimate is: a Type-9 worth of cargo will net you between 4 and 6M in profit. Not crazy money but not too bad, either.
The other side of the CG is bounty hunting – yay! Because the CG system does not have good bounty hunting grounds, search a nearby system that's controlled by the CG host faction, Deutsche Elite Piloten Interstellar.
As you can see, there's a CNB just ~7ly away from the CG. You're welcome to rearm, repair and refuel at Whitehat HQ or other open nearby carriers. Have fun!
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A CNB is for intense fighting. It is one of the best ways to make money and rank up in Combat. But, be ready. It is a nonstop flow of high-ranked (but smallish) ships that makes for great fun. Do NOT bring any cargo if you're by yourself or in a non-engineered ship. There are no security forces to help you here.
Haz RES is just as dangerous as a CNB but the flow of targets is lower. On average, individual kills on a Haz tend to pay slightly more than CNB because ships are bigger/more valuable. But because CNB is nonstop, it's mostly a wash. There are also no security forces to help you here.
Low, Medium and High RES are great if your ship is not engineered and/or you're starting out with bounty hunting. Target ranks will adjust to the RES intensity so a Low RES will have more Harmless pirates to shoot at. Because lower ranked ships pay less, expect to earn less at these. These do have security forces that will help you out and their initial response time varies with the system's security level – ie: high security level, fastest response to help. I did very well for myself in High RES.
You can get many (most?) manufactured and encoded mats from bounty hunting. Scanning all ships will get you tons of encoded mats, and after you've blown up that pirate, you can pick up the white materials floating about. If you want to remain hunting, I would suggest you leave your cargo racks back at the station. Mats don't need cargo space but if you pickup cargo you will get attacked by pirates for it. If you pick up "illegal" cargo, even cops will come after you. So, no cargo! 😉
Optionally, to earn extra money, go to system Haste and pickup massacre missions that target system Paredarerme with the CNB. Note that the extra money from the mission will not count towards the CG total, AFAIK. You turn your mission at the Haste station but the bounty vouchers at Blenkinsop Hub.
Work done in this CG will also rank you up in Combat (bounty hunting) and Trade (cargo), plus it will rank you up with the Feds since it's a Fed system.