Should repentance be a one-time event in the life of a believer?

Carlton McLeod explains in this video that he has heard of some churches that teach that once you are saved, there is no need for repentance. You can keep on living however you want. This is a very unbiblical position. 

Repentance is absolutely necessary for salvation but also a critical component of daily walking with the Lord. Repentance helps us to understand how sinful we are and how great our need is for a Savior. 

1 John 1:8 (NKJV) – “If we say that we have no sin, we deceive ourselves, and the truth is not in us.”

I've actually heard these teachings. They're out there in the church world that after you repent, you're no longer a sinner. You're a saint now, and you no longer have to repent anymore. You just keep on living, brother, and you just believe, and you name and claim, and you go get your stuff. And I'm thinking, boy, oh boy, what are you missing with the sweet joys of supplication and the tender mercies of God in that place of contrition because somebody taught you that you don't have to keep short accounts with God.

Repentance is absolutely necessary for salvation, but also I think a critical component to walking with Jesus day after day.