“Istikhara” means to seek goodness from Allah (Exalted is He), meaning when one intends to do an important task they do istikhara before the task.
According to Bukhari, Volume 2, Book 21, Number 263:
Narrated Jabir bin ‘Abdullah: The Prophet (SAW) used to teach us the way of doing Istikhara, in all matters as he taught us the Suras of the Quran. He said, “If anyone of you thinks of doing any job he should offer a two Rakat prayer other than the compulsory ones and say (after the prayer):
Method Of Performing Istikharah
First, one has to perform two Nafl rakats of (non obligatory) Salah with the intention of Istikharah. In first round (rakat), after Surah Fatiha, recite Surah Al-Kafirun (Chapter 109), and in the second, it has to read Surah Ikhlas (chapter 112), having similar format in the remaining prayer as is found in any other normal Namaz. After that, one has to read out the above mentioned Dua e Istikhara in Arabic.
It is always advisable to send blessings on the Holy Prophet (PBUH) in the form of Durood before and after any request to the Almighty for instant completion of prayers. One should also sleep in the state of Ablution and keep its face towards Qibla as it has been the way of Rasulullah (PBUH).