From Rachel Woods,
Your Guide to Latter-day Saints.
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This second gospel principle is important but there are certain things we must do to repent and receive forgiveness. Here are the steps one must follow to show faith in Jesus Christ through repentance.

The Steps of Repentance:

1. Feel Godly Sorrow
   "For I will declare mine iniquity; I will be sorry for my sin." (Psalms 38:18)
   • First recognize that you've committed a sin against God's commandments.
   • Feel true sorrow for what you've done and for disobeying Heavenly Father.
   • Feel sorrow for any pain you may have caused toward other people.
   
   
2. Confess to God
   "By this ye may know if a man repenteth of his sins—behold, he will confess them and forsake them." (D&C 58:43)
   • Pray to Heavenly Father and be honest with him.
   • Tell him of your sin(s).
   • If necessary confess your sins to your local LDS bishop.
   
   
3. Ask for Forgiveness
   "And it came to pass that I did frankly forgive them all that they had done, and I did exhort them that they would pray unto the Lord their God for forgiveness." (1 Nephi 7:21)
   • Pray to God for his forgiveness.
   • Forgive others who have hurt you.
   • Forgive yourself and know that God loves you, even though you've sinned.
   
   
4. Rectify Problems Caused by the Sin(s)
   "And if it be stolen from him, he shall make restitution unto the owner thereof." (Exodus 22:12)
   • Make restitution by fixing any problems caused by your sin.
   • Problems caused by sin include physical, mental, emotional, and spiritual damage.
   • If you can't rectify the problem sincerely ask forgiveness of those wronged and try to find another way to show your change of heart.
   
   
5. Forsake Sin
   "He that covereth his sins shall not prosper: but whoso confesseth and forsaketh them shall have mercy." (Proverbs 28:13)
   • Make a promise to yourself and to God that you will never repeat the sin.
   • Recommit yourself to obeying God's commandments.
   • Continue to repent if you sin again.
   
   
6. Receive Forgiveness
   "Behold, he who has repented of his sins, the same is forgiven, and I, the Lord, remember them no more." (D&C 58:42)
   • The Lord will forgive you when you truly repent with a sincere heart.
   • Allow his forgiveness to come upon you.
   • When you feel at peace with yourself you can know you are forgiven.
   • Don't hold onto your sin and the sorrow you've felt. Let it go by truly forgiving yourself, just as the Lord has forgiven you.

Through Christ's Atonement we are able to repent and be cleansed from our sins. I know that each of us can be forgiven and receive peace, because I have followed these steps of repentance and have felt the glorious feeling of peace that comes with sincere repentance.