S.O.A.P. stands for Scripture, Observation, Application and Prayer. It is a way of getting more out of your time in God's Word. The S.O.A.P method of Bible Study (for individuals or small groups) does not require a theology degree or special leadership skills.
How to Read the Bible: Some tips to help reading God's word
Ask God for Directions! If you are lost and need direction you would likely stop and ask someone familiar with that area to help orient and direct you. ...
Consider struggles, celebrations and prayers! ...
Start with Just a Verse. ...
Use a Devotional. ...
Chunk it Up!: rather than trying to decipher a long word, break the word up.
Use the acronym S.O.A.P.

mentioned above:
I found your site from a Google search. Thank you for the study suggestion. Sometimes in reading beyond the surface words of a text I discover interesting and challenging ideas. For instance, in my study of the Old Testament I ran into some difficult questions about differences between the Septuagint and the Masoretic Text versions. A webpage referred to the use of something called "obelus" markings about differences in ancient manuscripts between the two versions. Apparently ancient church fathers struggled as well. I'll try using your SOAP approach. Blessings.