The sequence of events is as follows (as usual the cards are dealt clockwise one at a time):

All players place an ante in the pot.
Each player is dealt one card face down and one face up, and there is a betting round.
Each player is dealt a third card face up. There is a second betting round.
Each player is dealt a fourth card face up. There is a third betting round.
Each player is dealt a fifth and card face up. There is a fourth betting round.
Surviving players show their cards and the best five-card hand wins the pot.

The concealed card - the first dealt to each player - is sometimes known as the "hole" card.
Order of Betting

Traditionally, each betting round is begun by the player with the best hand showing. For this purpose pairs, triplets, two pairs and quads count in their normal poker order - so for example with three cards showing 3-3-3 is higher than 7-7-8, which is higher than A-K-Q. Incomplete straights and flushes do not count. If there is a tie it is resolved by comparing the suits of the highest cards in the tied hands using the ranking order clubs (low), diamonds, hearts, spades (high).

Some play that in the first betting round, the first player must place a compulsory bet, called the bring-in. In this case there may be no ante, though an ante is usually paid as well.

Some play that the first betting round starts with a compulsory (bring-in) bet by the player showing the lowest card. This is now the normal rule in formal games hosted by American casinos. The subsequent betting rounds are begun by the highest hand showing as usual.