What is the correct and preferred method of seeking Allah's forgiveness, and how can I have a daily portion of seeking forgiveness?

The correct way to seek forgiveness (Istighfar) is achieved through any wording that expresses a request for forgiveness. The best of these are those narrated from the Prophet, peace and blessings be upon him, including: "Astaghfirullah" (three times after prayer), and "Astaghfirullah al-Atheem allathee la ilaha illa Huwal-Hayyul-Qayyoom wa atoobu ilayh" (I seek forgiveness from Allah, the Mighty, whom there is no god but He, the Living, the Sustaining, and I repent to Him). And the master of Istighfar (Sayyid al-Istighfar): "Allahumma Anta Rabbi la ilaha illa Anta, Khalaqtani wa ana 'abduka, wa ana 'ala 'ahdika wa wa'dika mastata'tu, a'udhu bika min sharri ma sana'tu, aboo'u laka bi ni'matika 'alayya wa aboo'u bi dhanbi faghfir li fa innahu la yaghfiru adhunuba illa Anta" (O Allah, You are my Lord, there is no god but You. You created me, and I am Your servant, and I am abiding by Your covenant and Your promise as much as I can. I seek refuge in You from the evil of what I have done. I acknowledge Your blessings upon me and I acknowledge my sin, so forgive me, for none forgives sins except You). And "Rabbighfir li wa tub 'alayya innaka Anta at-Tawwab ar-Raheem" (My Lord, forgive me and accept my repentance, for You are the Accepter of Repentance, the Most Merciful).

For the daily recitation of Istighfar (wird), one can allocate a specific time for it, such as the time of pre-dawn (sahar), and increase its recitation at any time and in any place, due to what has been reported regarding the merit of adhering to it, such as relieving worries, creating exits (from difficulties), and expanding provisions.