Below is a method I used to read the Bible for many years of my life.  It gave me a good foundation and understanding of the Bible.  I recommend reading through the New Testament several times this way and reading through the Old Testament once at a faster rate (one chapter a day).

This is taken from the introduction of How to be Right - Romans - The Bible for a New Generation (www.bible4ang.com)


How to Read the Bible

An hour a day – set aside one hour a day to read and think about God’s Word.

Slow down – read one chapter a day. Read that same chapter every day for a week.

Meditate - read, reread, think and rethink about the chapter to meditate on it. Stay with God’s words. Don’t get distracted by other books.

What don’t you understand? – as you read look for the parts you don’t understand. When you find something, reread it and think about it.  Use your brain.

Context is king – the Bible was not written as a collection of verses. It is a collection of books, each with its own message. As you read, consider the flow of the message and how the verses you are reading fit into that flow.

Close the Bible and think – when you are finished reading, close the Bible and recite in your mind what you have read.
Think about the different topics in the chapter and how they apply to you.

Pray – discuss the chapter with God.  Ask for wisdom to understand the parts you don't understand.

Do it – put the things you learn about the Bible into practice in your life.

These articles are also posted on the website, Ray on the Bible.