What is the time and the form of the prayer of Istikharah (Proper Guidance)?

The prayer of Istikharah is Sunnah. The time of the prayer of Istikharah is after finishing its two-rak`at prayer. Its form is what related by Al-Bukhari from Jabir (radhiya Allahu anhu) may Allah be pleased with him who said: "The Prophet, peace be upon him, taught us how to make Istikharah in all (our) affairs, just as he taught us various surahs of the Qur`an. He told us, `If anyone of you considers doing something he should offer a two-rak`at prayer other than the obligatory prayers, and then say (after the prayer),

"Allahumma inni astakhiruka bi ilmika wa-astaqdiruka biqudratika wa-as`aluka min fadhlika al-adheem. Fa innaka taqdiru wala` aqdiru. Wa ta`lamu wala a`alamu wa anta allaamul ghuyub. Allahumma in kunta ta`lamu anna [hadhal-amr] khayrun li fi deeni wa-ma`ashi wa-aqibat amri, fa`qdruhli wa-yasirh li thumma barik li feehi. Wa in-kunta ta`lamu anna [hadhal amr] sharrun li fi deeniy wa-ma`ashi was-`aqibat amri. Fa asrifh anni wa-srif `anhu. Wa aqdurh liyal khayr haythu kana thumma a-rdhini bihi. He said: (Wa yosammi hajateh)", it was related by Al-Bukhari.

(O Allah! I ask guidance from Your great wisdom, and I pray for ability to act thorough your power and I ask this thing of your great goodness. You are powerful and I am not. You know all secrets and I do not and You know the unseen. O Allah! If You know that this matter with which I am about to undertake is good for my religion and my subsistence and for my Hereafter then ordain it for me and make it easy for me to obtain, and then bless me in it. If You know that this thing is harmful to me in my religion and subsistence and in the Hereafter then keep it away from me, and keep me away from it. And ordain for me whatever is good for me, and make me satisfied with it). The Prophet, may peace be upon him, added that (then the person should mention his need)."