'How are you faring ' is a very old nautical expression. Literally it is similar to asking a sailor 'Do you have the wind behind you? ' More common expressions are: How is life treating you? How are you doing? How have you been recently?

I agree with most of Johns answer above. However I think the most commonly used phrase is "How are you going?" This prhase is not asking how you are traveling somewhere (eg. car, plane) it is asking "How are you?" Sometimes english is confusing...

How are you fairing is typically asked of someone who is going through a hard time e.g. sick, financial trouble,etc... As such depending on the circumstances you could ask one of the following. How is it going? How are you? How is life treating you? How are you feeling? (mainly if someone is sick) etc...