How do you go about learning the basics of graphic design?  

It is very possible, you'll just have to keep the burning desire to learn it. Art is passion if your a bit lacking in art then equate passion with money and for sure art will follow. I responded to a discussion about how she started by just watching others and when she noticed that it earn, she try it little by little and before she even notice it she's making big bucks with it. If your really interested try to learn Photoshop, the controls are a bit intimidating but once you get a hang of it its easy. You can learn by just reading the help file or pressing F1.

How to be updated with the current trends and style? just be observant with magazines ads, TV commercials, billboards and internet site you'll see here what's in and out in terms of color selection, certain graphics style and visual effects that you'll just have to duplicate with your piece.

There is a dedicated interest for it here in myLot just search for it and if you encounter any problem then all you need to do is post a question the good thing here is aside from learning you earn as well. Good luck and hope to see your discussion on your success in graphics design later on.