After about 30 seconds, blot the excess sample from the grid with filter paper
Dip the grid on the boat with the negative stain and pick up the floating carbon film with the grid, with the grid having the carbon side pointing upwards
Blot the grid from the back side
Place the grid on a piece of filter paper and let it sit for a few hours
Possible variations:
This method works nicely with Uranyl formate, but in principle any stain should be fine.
Trehalose or other materials can be used to produce some degree of embedding and better preservation.
The method has been reported in much more complicated ways, so it seems to be limited only by the experimenter's imagination.