Step 1: Get your yarn ready. Have your working yarn ready to work in your right hand and your non-working (yarn you are changing from) in your left hand.
Step 2: Just as you normally would do to knit a stitch, stick your right-hand needle into the next stitch on the left needle.
Step 3: Rest the "old" yarn (the yarn in your left hand) over the right-hand needle.
Step 4: Wrap the working yarn (yarn in your right hand) around the right needle as you normally would do to knit.
Step 5: Draw the working yarn through the stitch on the left needle.
Step 6: Slip the stich off of the left needle as you normally would do after knitting a stitch.
You have now completed changing and twisting the yarn while working in the round. You can now continue to knit as you normally would do.
Next post will be how to avoid the jog while knitting in the round.