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Plan your study. Get a good study Bible. Study the Bible with an attitude of prayer. Pray Focus on the New Testament first. Consider reading John first. Pick out topics to study.
Set aside a time and place to study. Develop a plan of what you want to read each day in a calendar. Having a plan excites you to discover what you learn from God's Word for that day; it will also keep you organized, keeping track of what passages you have covered and what lessons you have learned from each. Choose a translation to use during your study. You should select from translations as opposed to simple paraphrases, as this makes sure you are reading the originally translated text not a commentator's interpretation.  Avoid bibles that have been translated from Latin, rather than the original Greek and Hebrew. These, like a game of telephone, can get incorrectly translated. Always ensure your understanding of a passage you have read fits with the entire doctrine of the Bible (which is God's Redemption Plan of Salvation, 2 John 1:7-10); any revelation you get that does not fit the doctrine of Jesus alone must be cast away. Also you must look at years of Church history to compare your findings with history. If you discover something that everyone in Church history disagrees with, you are most certainly wrong (heretics don't proceed with caution- they go ahead thinking they are the new prophet in town!) To be thus a good student of the Word, you should research: the Puritan Hard drive is a good place to start as well as Ligonier Ministries and Wretched radio (it has links to great Biblical Christian sites and Church History). Be careful not to be arrogant in the course of studying. It's so easy to boast of your findings rather than prayerfully meditate on them. Studying extensively is good, you should know what the foundations of the faith are but make sure your ability to recall names of people throughout Church history does not exceed your ability to remember the Scriptures Word for Word! (Food for thought, Joshua 1:7-9) Remember even those who are illiterate can have a deeper understanding of the Word and deeper relationship with God than you do because they meditate on it. Simply knowing names and things is not good enough. You must practice and preach what you practice. Good formal equivalence translations include the New Revised Standard Version or the English Standard Version. Good combination translations include Today's New International Version and the Holman Christian Standard Bible. A good dynamic equivalence translation is the Contemporary English Version, although strictly dynamic equivalence translations are usually frowned on by serious scholars. This should be the first step in understanding the Bible. Bible study should be approached with a prayerful desire to learn. Discipline yourself to be with the Word. The Bible will come alive for you. It is spiritual food. . Ask God to help you understand his word before you even begin (In Ephesians 1:16-23 there is a prayer for Wisdom and Revelation that Paul prayed for the Church that you can also pray for yourself.  In Ephesians 3:14-21 there is a prayer for Spiritual Maturity that Paul prayed for the Church, and that you can pray for yourself). God will reveal His Word to you. Don't assume a parable or story just because it seems vague. Don't try to interpret the Bible. "Knowing this first, that no prophecy of the scripture is of any private interpretation." (2 Peter 1:20,21) That's where misunderstandings come from. Though the New Testament complements the Old, and the Old complements the New, it is better to read the New Testament first if you are a novice. The Old Testament will make better sense if you read the New Testament first. It's best to start with John, as it's the easiest Gospel to read, identifies who Jesus really is, and prepares you for the other 3. It would help to read it 2 or 3 times to get a good understanding of the author, topic, context, and characters. Read 3 chapters per day. Concentrate on your reading. and be patient.  When you're done with John, move on to Mark, Matthew, and Luke. As those tend to be the next easiest material. Read all the books -one after the other- until you have read all the Gospels. When you're done with the Gospels, consider reading the letters from Romans to Jude. Because Revelation is pure prophecy not covered in the New Testament, stay out of there for now. When you get a good familiarity with the major prophets, then tackle Revelation. A topical study is very different than a book study or a chapter study. The subject index of most Bibles have specific areas of study. Once you have found an interesting topic, you begin by doing a rough read through of the verses. This will give you a general oversight of what the verses have to say. For example: salvation, obedience, sin, etc. Remember: reading a chapter several times will help you find things that you might have missed or skipped over before.