This is also a kung fu exercise. Bend at the knees, letting your hips drop toward the ground. Your arms should hang or be in a relaxed position. Relax your whole body and focus on breathing evenly and shutting out distraction.
The point is to walk forward slowly, with knees slightly bent (my description here is a great dis-service to the actual art, I highly recommend you seek your own teacher), being able to stop at any point in your walk without losing balance. The objective being the ability to stop at any point with a foot partially raised or completely off the ground, balancing on one foot only, at any point.