If you lost your Outlook password you have to do to get it back is to access the page of Hotmail / Outlook and click on the button that says: Forget your password?
After there will be some questions like what is your Outlook email account, and give you several options for you to recover your Hotmail account.
One option is the secret question you created when you open your Outlook, another is to be emailed to your email account alternative. You can also send you an SMS to confirm that you own Hotmail account and you want a new password.
Always make sure you are accessing the official website of Outlook, and do it from a safe computer. Do not use public computers for password changes.