Whenever you STUDY something you should make sure that you have a notebook, pen, and a highlighter (if you love them as much as I do). Always use a Bible version that is easy for you to understand. If the Old King James Version doesn’t make sense, get a New King James Version, New International Version, New Living Translation, Amplified…whatever works for you. My personal favorites are NLT, NIV, and Amplified. Amplified is fantastic for cross checking and getting deeper insight into a passage.
Before you read, pray. Invite the Holy Spirit to come and lead you into all truth (John 16:13) and to be your teacher (John 14:26). Pray that God will open your eyes to see wonderful things in his law (Psalm 119:18). And pray that you will hear his voice speaking to you clearly from his word (Isaiah 30:21). Then dive right in!
As you read take notes of what you are learning. If you come across something particularly interesting stop and mull it over in your head and repeat it out loud, or explain it to yourself out loud the way you have understood it. Scientists have found that there is a connection between saying something out loud and its ability to stick in your mind. If something jumps out at you, note it down. This is probably something that God is speaking to you for the now!
Usually as you read, you will find that the Holy Spirit will often relate what you are reading to the various things happening in your life at the moment. Through this he will be ministering to you encouragement, correction, or even rebuke. Sometimes he will be giving you direction on what to do in a particular situation. Either way, you will be hearing God about those things that concern you.
When you are done reading the word, pray that word into your life and over your situations where applicable. Praying the word is what makes prayer effective! By praying the word you obligate God to fulfil his promises to you because he says to put him in remembrance of his word (Isaiah 43:26). As you pray that word into your life it will begin to take root in you and bear fruit.