I never bought into the fact that there was one right way to study God's word. I have seen and heard of many ways to do so and many of them seem valid and valuable. I think it should be done in many different ways.
One popular way to study is what I call the careful study. This is the most common method that I have heard is the right way to study. This is the one where you read slowly being careful to look up all the footnotes and all of the cross references. This is a great way to study and it gives you a great understanding of the doctrines of the gospel but there are other great ways to study that give you additional understanding that the careful read alone cannot by itself.
The quick read of the Book of Mormon is another great method. In this method you try to read the Book of Mormon like a novel. At most you should give yourself a month to read it. It is best to do it in two weeks or less. I have heard some say you should never try to read the scriptures quickly, yet I have heard of several bishops introducing the quick read challenge to members of their wards. This type of study is valuable because it is the best way to learn the stories and the life lessons in the stories. Plus it gives you a better appreciation of the over all work.
The last method I would like to talk about right now is the underline read. Although there are many good ways to read and study the scriptures that I won't get to at this time. In this method you get a clean copy of the Book of Mormon meaning one that has not been marked up at all. Then you read the Book of Mormon and underline or circle every time the Savior is mention by anyone of his names or titles. This helps you understand how much the Book of Mormon is another testament of Jesus Christ, and it illustrates that Jesus Christ really is the chief cornerstone of our faith.
In the end there is no wrong was to study your scriptures as long as you do it with the spirit of the Lord.
I send my love.