There are thousands of books, lessons, sermons, guides, web pages, etc. that teach Bible study methods. Within those thousands, there are many methods that are extremely valuable and beneficial to your Biblical devotions.
In my personal study, especially when in conjunction with students, I find that taking scripture in bites is beneficial in several ways. For one, it's practical for the student. Reading two chapters a day is very feasible, and is a great way to begin getting into the Word habitually. More importantly, taking the scripture in pieces helps me identify specific applications to my life from each passage. I share this particularly for those who choose to follow along in their own study.
Thus, when I do a devotional, I have several priorities that loosely follow the SOAP method of study. You can read more about this method here. While the system below works well for me, my encouragement to you is to develop a good, working system for yourself as we dive into God's Word together.
I'll highlight the pattern of my devos and posts.
Scripture
I begin by preparing my heart and diving into the Word. Preparing for me means finding a distraction-free spot, praying and meditating over my time with God.
I then will jump in and read the two chapters of scripture.
I have several different Bibles that I use while studying the Word--each of which are NIV. There are many great translations of the Word available, and I enjoy many of them. I've found that the NIV is a great translation for me.
My Reading Bible
My reading Bible is my no-flair NIV. This is my go-everywhere, scratch notes in Bible. I read this first because I've found that I'm fascinated by commentary and additional notes, to the point that they become distracting. I've learned that it's more important to first focus on what scripture is saying to me rather than what others are saying to me about scripture.
While I'm reading, I'll highlight verses or make notes as I go. I'll also keep an eye out for my daily verse, which will be what I focus my devo on. The daily verse is chosen based on relevance or revelation in the time with God, and is a personal choice. If you're studying with me, your heart will likely go another direction, as is important in your personal walk.
My Study Bible
To fill in the gaps, after reading through the passage, I'll glance at my Zondervan QUEST Study bible. This Bible has interpretive commentary that helps me understand components of the scripture that I would mostly miss. I am always thankful that there are brilliant people willing to steer a not-so-brilliant me in the right direction.
My Archeological Bible
This is my favorite Bible, and as mentioned, can be very distracting to me if I'm not careful. I absolutely love cultural and historical notes on the Bible. To me, these additions paint a picture of the Biblical world that I otherwise would not know. I use this Bible to support my contextual learning.
Observation
Following the reading, I will highlight a particular verse or small passage as my daily verse (This verse is the header of each devo post). From this verse I'll begin making observations in the Word, my life, etc. The point of the observation is to hone in on a specific application to be applied in my life.
Application
"For the word of God is alive and active. Sharper than any double-edged sword, it penetrates even to dividing soul and spirit, joints and marrow; it judges the thoughts and attitudes of the heart." Hebrews 4:12.
My prayer is for God's Word to permeate my life. Application of scripture is the encompassing of the Word into practical living. Drawing a good application out of scripture will usually entail a what and a when. Thus, it is applicable to my daily life.
Prayer
Not I, but Christ in me. This is a very, very important attitude. When diving into scripture and pulling out applications, we must remember that this is in RESPONSE to the gospel, and not an additive to it. Devotionals are not to be legalistic, a checkmark on the calendar. Prayer is my way of surrendering those things, making devos a time of communion and intimate fellowship with God.
