If you you have forgotten your Hotmail or Live email password, then goto http://login.live.com and you need to click on the Forgot password link just below where you would normally sign in from.
1. Click over the link “Forgot your Password?”.
2- To recover your hotmail or live password give your email address and also enter the given code in the related field and click continue. As shown in the figure.
3. Choose one option as you like and convenient whatever you specified at the time of signing up. I am choosing “Send yourself a password reset email message“.
Select “Send an e-mail message to my alternate e-mail address” choose this option if you specify alternate email at the time of signing up otherwise in previous step choose the second reset password option of “answer your secret question”
6. Please check your email account, and follow the instruction in email message to recover email password.
Make sure you choose your password carefully and keep it safe. If possible, do not write it down because it is easier for people to get access to it. Let it be your secret. To help protect your personal information, change your password regularly.