Seeking Allahs Forgiveness..

The Prophet sallallaahu 'alayhi wa sallam said:

"The master of supplications for seeking Allaah's forgiveness is when a servant says: O Allaah! You are my Lord and none has the right to be worshipped except You. Indeed You created me and I am Your slave. I abide by my promise and covenant to You as best as I can. I seek refuge in You from the evils that I have done. I acknowledge Your favours upon me and I acknowledge my sin. So forgive me. Indeed none can forgive sin except You.

[Allaahumma anta Rabbee, laa ilaaha illaa anta, khalaqtanee, wa anaa 'abduka, wa anaa 'alaa ahdika wa wa'dika mastata'tu, a'oodhu bika min sharri maa sana'tu, aboo'u laka bi ni'matika 'alayaa, wa aboo'u bi dhanbee, faghfirlee, fa innahu laa yaghfirudh-dhanooba illaa anta]

Whosoever enters upon the evening saying this, then dies that night, would enter Paradise. And whosoever enters upon the morning saying this, then dies that day, will enter Paradise."
[Related by al-Bukhaaree (11/97-98) and Ahmad (5/356), from the narration of Shaddaad ibn Aws and Buraydah ibn al-Haseeb radiallaahu 'anhumaa.]

Ibn al-Qayyim (d.751H) - rahimahullaah - said in al-Waabilus- Sayyib (pp.16-17):

"Shaykhul-Islaam Ibn Taymiyyah (d.728H) said: "Knowing the path to Allaah lies in recognising Allaah's favours and considering the sins and shortcomings of one's self." This is the meaning of the Prophet sallallaahu 'alayhi wa sallam's saying - as occurs in the authentic narration from Shaddaad and Buraydah radiallaahu 'anhumaa - that he said: "The master of supplications in seeking the forgiveness of Allaah is when a savant says: O Allaah! You are my Lord... " So recognition of Allaah's favours and consideration of one's own sins and shortcomings have both been collectively mentioned in the (above) supplication, since he sallallaahu 'alayhi wa sallam said: "I acknowledge Your favours upon me and I acknowledge my sins."

So recognition of Allaah's Favours necessitates praising and thanking Him for His favours and bounties, which in turn necessitates love for Him. Whilst consideration of one's own sins and shortcomings necessitates humility to Allaah and a feeling of lowliness and humbleness to Him. This in turn necessitates repenting to Allaah continuously, and that one considers himself as being poor and in need of Allaah."