How do you study the Bible? Start with simply reading and observing carefully what is written.
Observation of a passage in the Bible is the first step in what is sometimes called "inductive" Bible study.
Inductive is word that means working from the evidence to a conclusion.
Picture Sherlock Holmes the fictional detective working on a case. The clues add up to "who done it."
In our case, we're seeking the biblical author's intended meaning. We come with an open mind. Then we read carefully, looking for clues that can add up to the intended meaning.
The opposite of induction is to start with a conclusion or a viewpoint already in mind then try to find support in the Bible for our view.
There are times that is the thing to do. If someone asked you, "Does God really love us?" then being able to go to John 3:16 to show them He does is very handy! (In this case John 3:16, if studied inductively, would indeed teach this same point.)
But what if someone said, "Psalm 118:24 teaches that every day is a gift from God." Does it? Was that what the original author (and God the divine Author) intended? Does the context bear that out, or is the "day" spoken of something different entirely?
"This is the day the Lord has made. We will rejoice and be glad in it." (v. 24)
How would adding the context of vv. 22-23 change your answer?
The stone which the builders rejected
Has become the chief corner stone.
This is the Lord’s doing;
It is marvelous in our eyes.
This is the day.....
If your Bible had cross references, it might take you to Acts 4:11 and other similar New Testament passages where you would learn that Jesus is the Stone that was rejected by His own people, but that God raised Him from the dead in victory, and one day He will return to rule over all. That's the day the Lord has made! That's a much more important point than simply "every day is a gift" and just as importantly we might have missed what God really wanted us to know from Psalm 118:24 if we didn't take the time to see what truth it was actually revealing to us.
We can see how important Observation is.
Now, this doesn't mean that every day might not also be a gift from God, but this passage clearly is not teaching that. You would have to demonstrate that from observation of other passages in context. And, is v. 24 indicating that some days, such as the day the builders rejected the Stone, were in fact bad days?
More on Inductive Bible study.....
Beware "proof texting," which is when someone comes to the Bible with an idea already in mind then grabs various verses out of context to try to "prove" a point. You may see a strange statement you are pretty sure isn't right yet is followed by references to one or more Bible verses offered as "proof." But use your powers of Observation to check them out in context carefully! Do they stand up to scrutiny? Do cross references on the same subject in the Bible bear it out or refute that proof texter?
Beware "reading into Scripture" a meaning it never intended. This is sometimes unintentional, as with Psalm 118:24 above supposedly meaning "every day is a gift from God" when that wasn't the intent at all. That example is relatively harmless. But sometimes reading into Scripture can send us down the wrong road. Take Philippians 4:13 where Paul says, "I can do all things through Christ who strengthens me." Out of context this sounds like a magic promise that can be "claimed" for anything: "I can win this game/achieve this goal through Christ." But is that what Paul was saying? What was the context in Philippians? Keep in mind he was in prison at the time for preaching the gospel, so for starters he wasn't saying it was a "get out of jail free" card. In fact, he was aware he might possibly be executed (Phil. 1:20-21)!
Other times "reading into" the text can be used to support unbiblical viewpoints. Some have tried to say Ruth and Namoi had a same sex attraction or Jonathan and David. Yet that is not supported at all in the context and is also flatly against the teaching on sexuality and same sex activity elsewhere in Scripture. And culturally the Jews were, because of God's word, strongly against same sex activity. Nor were they naive. That is another modern conceit that goes with "reading into" Scripture, the idea that back then they were clueless, and we can see innuendo they couldn't. Not so. If anything we are in an inferior position to see innuendo.
As good students of the Bible, we can't read 21st Century western norms and culture back into the ancient biblical times. We must try to see it through their eyes and times. And we must stand with Scripture and it's intended teaching, not with culture when it contradicts God's word (Romans 12:2, "be not conformed to this world, but be transformed by the renewing of your mind"). The New Testament church and the Old Testament nation of Israel faced that same challenge. None of the culture around them fit with God's word. Beware reading back into it meanings that would contradict it.