How to find out the MySQL root password

I cannot figure out my MySQL root password; how can I find this out? Is there any file where this password is stored?

I am following this link but I do not have directadmin directory in local.

thanks to @thusharaK I could reset the root password without knowing the old password.

On ubuntu I did the following:

sudo service mysql stop
sudo mysqld_safe --skip-grant-tables --skip-syslog --skip-networking

Then run mysql in a new terminal:

mysql -u root

And run the following queries to change the password:

UPDATE mysql.user SET authentication_string=PASSWORD('password') WHERE User='root';
FLUSH PRIVILEGES;

In MySQL 5.7, the password field in mysql.user table field was removed, now the field name is 'authentication_string'.

Quit the mysql safe mode and start mysql service by:

mysqladmin shutdown
sudo service mysql start

You can't view the hashed password; the only thing you can do is reset it!

Stop MySQL:

sudo service mysql stop

or

$ sudo /usr/local/mysql/support-files/mysql.server stop

Start it in safe mode:

$ sudo mysqld_safe --skip-grant-tables

(above line is the whole command)

This will be an ongoing command until the process is finished so open another shell/terminal window, log in without a password:

$ mysql -u root

mysql> UPDATE mysql.user SET Password=PASSWORD('password') WHERE User='root';

MySQL 5.7 and over:

mysql> use mysql; 
mysql> update user set authentication_string=password('password') where user='root'; 

Start MySQL:

sudo mysql start

or

sudo /usr/local/mysql/support-files/mysql.server start

Your new password is 'password'.