The sequence done in the Sunnah:

1- you make free form dua all day before Maghrib (optional)

2- you break your fast at Maghrib time (required)

3- you say this supplication right after eating/drinking something (recommended)

4- you make free form dua (optional)

5- you continue with your meal (optional)



The common mistake is to hault breaking the fast by making free form dua, or by saying this specific supplication before breaking your fast.



This supplication is the authentic narration, there are other popular narrations but they are weak.