Three Ways to Study
In my experiences there are three approaches:
My husband falls into the second category. He will start reading a book, get interested in a specific word, and start hunting the spiritual and practical applications of that particular word. I, on the other hand, like category one.
For me, if I do not start at Genesis and read through to Revelation, I find it hard to see "big picture" God is painting. When I got saved fresh out of college, I knew nothing about the Word. Starting with zero knowledge it made sense to pick it up and read it just like any other book. What I found reading the Bible this way is that while you miss a lot of in-depth analysis and revelations, you're able to absorb the Word a lot quicker.
Another advantage to bulk reading is that you see the context of each verse. The Bible was not written by chapter and verse. This headings were added later so we could easily reference Scripture. If you spend all of your time hopping from verse to verse, you run the risk of misinterpreting what you have read. For example, you might think a particular promise is referring to the Church when the context points to a promise to Israel only.
I believe that in-depth and topical studying are great, but only after you already have a foundation in the Word. The more familiar I am with Scripture, the more I see how verses and events in the Old-Testament relate to verses in the New-Testament and the more I am able to research what I am reading by similar instances in other books.
Therefore, I suggest reading one book at a time, straight through, until you feel comfortable doing detailed studies. If you have never read the Bible from cover to cover, begin there. Books like Leviticus only make sense if you have followed God's plan of salvation that begins in Genesis.
I have also found that if you spend all of your time in the Old Testament, your soul will hunger for the personhood of Christ. If you spend all of your time in the New Testament, your soul will hunger for the personhood of the Father. You need both, and supplementing my reading is the way I do it.
A Step by Step Walkthrough
Now that you have read how I study His Word, I want to make one thing clear: what works for me may not work for you. God made everybody a unique individual. As such, each of us has a specific way to talk to and listen to God. My husband has a very different study pattern than myself. He prays very differently than I do. That's not bad; it's just different.
Whether you do in-depth studying, topical studies, or bulk reading, find the method that keeps you interested and engaged in God's Word. If you become stale in your reading, switch it up. I recently became burnt out with Proverbs and jumped ahead to the Minor Prophets because I was curious to remember what those prophets preached. After reading some of the prophets, I then was ready to resume my study at Ecclesiastes.
In conclusion, no matter how you study, DON'T STOP. Reading the Word is like exercising everyday; it takes discipline, you don't want to do it every day, but when all is said and done, the rewards are outstanding.