If you are seeking the Truth, there is, really, only one way to study the Word of God. The student must interpret first, then apply, under the guidance of the Holy Spirit. Interpret with the understanding that the text was written, not to you personally, but to real people, addressing real problems and speaking to real situations in history. Interpret literally, unless the context makes it clear that some sort of figure of speech is meant. DO NOT change the meaning of the original Words or grammar. These are God's Words and God's grammar. That is sacrosanct. Those who advocate and have contributed to making popular the modification the meaning of the original Words, so they could soften the Message, make accommodation in their theology for sin, and to justify the license of modern translations, have a lot to answer for. DO NOT DO IT! DO NOT BECOME A PARTAKER IN THEIR SIN! The Holy Spirit chose the Words to convey a particular message. Tampering with the Words is tampering with the Message.

Do not approach Bible study with the idea of proving your presuppositions and pet theories about "this and that", either. Aside from it being the opposite motivation for proper Bible study, there is always the awful possibility that you might actually, by removing individual verses from their context and pasting them together with other verses collected in a similar fashion, find biblical justification for your own sinful imaginations stemming from a wicked heart! This has happened to many little "wanna-be" king Jehoiakims out there; they end up creating false doctrines with their penknives and deceiving many. (Jer.36).

Right division is very important. Here's a link to another document from Bibletruths.org that will help you understand it. Rightly Dividing the Word