A fairly easy bracelet that only requires 1 knot.  I used 4 colors (1 blue, 2 red, 3 orange, 4 yellow) but you can choose anywhere from 3-8 colors.
Materials you need:
-String (sometimes called floss in craft stores)
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Step 1: How to Begin:

Picture of How to Begin:
You begin any friendship bracelet by choosing the colors, cutting the string into equal lengths, tying it into a knot, and fastening the knot under tape/with a safety pin.  You should lay them out and seperate them based on the color you want the stripes to appear.  It should look like this:

Step 2: Forward Knot p.1

Picture of Forward Knot p.1
First thing to know is there is only one find of knot in this bracelet: the forward knot.
You start by taking the string you want to be first (any string works) and pull it slightly to the left and fold over the other strings.
Look's like this:(picture 1)
Tuck the end of the string under and through the fold you just made.It should look like this:(picture 2)
Do 2 forward knots using the blue string on the red string.

Step 3: Forward Knot p.2

Picture of Forward Knot p.2
Do 2 forward knots using the blue on the orange string. 

Step 4: Forward Knot p.3

Picture of Forward Knot p.3
Do 2 forward knots using the blue string on the yellow string.

Step 5: Repeat

Picture of Repeat
The current order: orange, yellow, red, blue.  Now repeat 2 forward knots on each string (orange, yellow, red) using the red string.