Renunciation and Reliance

I've been reading "The Discipline of Grace" by Jerry Bridges. I am really resonating and finding myself both convicted and encouraged by his thoughts on our daily need for the gospel of grace.
On page 50 he gives a definition of faith.
"Faith itself has no merit: in fact, by its nature, it is self emptying. It involves our complete renunciation of any confidence in our own righteousness and a relying entirely on the perfect righteousness and death of Jesus Christ."
Renunciation and reliance...that is an amazing definition of faith. He goes on to say that, "faith in Christ and a reliance on ourselves, even to the smallest degree, are mutually exclusive."
How does one live this out? A daily renouncing of my own goodness, that I have anything to offer and a relying entirely on Jesus Christ. I want to pursue that.