step one: on
Start by wrapping the yarn around your hand once.

step two: around
Bring the lower strand up and around.

step three: through
As you pull the loop off your hand, start to bring the left-hand strand under and through the original loop.

step four: tighten
Hold on to the new left-hand loop while you tighten the knot by pulling on the right-hand strand.

step five: done!
One slipknot completed!