"We believe that the first principles and ordinances of the Gospel are: first, Faith in the Lord Jesus Christ;second, Repentance;third, Baptism by immersion for the remission of sins; fourth, Laying on of hands for the gift of the Holy Ghost"(Article of Faith:4).
The Gospel is the 'good news' of our savior Jesus Christ who came, suffered and died for us so that we wouldnt have to suffer if we but have faith in Him. I feel that faith is 'believing' and 'doing' coupled together. If we just believe in Christ and dont 'do' what he wants us to do then is that faith? In the same token, if you do everything you can to follow Christ by living a good life but are just going through the motions and don't actually believe in Christ that's not really faith either. Both believing and doing have to be a part of the equation. "Faith, if it hath not works, is dead, being alone"(James 2:17). Likewise works without believeing is not faith.
Those works include Repenting of our sins. Accepting that what we did is wrong, Being sorry for it, Confessing to God, Doing it no more.
In 2 Nephi 31:11-12 it states, "And the Father said: Repent ye, repent ye, and be baptized in the name of my Beloved Son. And also , the voice of the Son came unto me, saying: He that is baptized in my name, to him will the Father give the Holy Ghost, Like unto me; wherefore, follow me, and do the things which ye have seen me do".
God has commanded us to be baptized, why else would his Son who is holy be baptized by water? Christ did it to show us the path that we need to take. He did it to lead by example and to let us know what we must do. "Follow thou me". After we have entered into the waters of Baptism we then become completely and totally cleansed from sin. However, in John 3:5 it says that we need to be baptized by water AND of the Spirit.
That baptism of Spirit comes when we receive the Holy Ghost by the laying on of hands. I know that the Holy Ghost can help guide and direct us in all things. After we follow these steps we are not done. We need to continue to live the gospel of faith and repentance. It is the way that our Savior has placed before us. It is a way of life.