It is pretty self-explanatory...just sketch a really quick 4x4 grid to represent the 16 circles in the hole punch. Starting from the last fold, mentally unfold the paper and place a mark in each spot on the grid where a hole is. It is a helpful method when you have many hole punches to keep track of!
but when unfolding, be careful not to actually count holes where they shouldnt be, i usually mark those holes with a little x meaning that they shouldnt be there, i keep them there so i can still use them while i unfold tho