In the top right hand corner click the Tools tab on the Task Bar at the top of the screen. Then choose Internet Options at the bottom of the list.
Click on the delete button underneath the section Browsing History half way down the dialogue box.
There you have a choice to individually delete Temporary Internet Files, Cookies, History, Form Data and (website auto) passwords. If you wish to clear everything you can simply click on the Delete All option at the bottom of the dialogue box.
If you click "Delete All" you will then be given the option to tick the box for deleting files and settings stored by add-ons.
Close Internet Explorer when you have finished to clear cookies that are still in memory from your current browsing session. This is especially important when using a public or kiosk computer.
Deleting all browsing history does not delete your list of favourites or subscribed feeds. It only deletes temporary files, browsing history, cookies, saved form information, and saved passwords.