Plating is knitting with two yarns together in one feeder and creates a 2-color pattern in a structure without creating a jacquard. Make sure the two yarns you're using are of a finer yarn count, so that together they are of a yarn count that knits best on Kniterate (i.e. between Nm6 and Nm8). See this article for more information.
One of the yarns goes through the knitting hole and the other through the plating slit, making sure one yarn shows in the front of the knitting while the other shows in the back. The yarns will show through a bit on the other side, creating a mixed colour effect. A plated rib will show vertical columns of both colors, and you can create interesting fabrics when you play around with it a bit.
How to:
Thread both yarns in the same pathway, with one yarn threaded through the knitting hole and the other through the plating slit. It is recommended to use one top yarn control for each yarn and bring them together in guide V.
