The part you repeat is every thing after the *. So you do the P1, and you only do it once. Then the repeat part-- M1 (this will be between stitches and not use up any of the stitches) and then K1,P1,K1,P1. Keep doing that part over and over to the end of the row.
The part you do twice it the part inside the ( ). I have written that part out twice above to show you what the full repeat is.