How should we study Bible prophecy?
Bible prophecy must be studied by letting Scripture interpret itself, never through private interpretation, while paying close attention to the landmark scriptures that show the timing and order of end time events.
Studying Bible prophecy rightly begins with knowing that no prophecy of Scripture is of any private interpretation, for holy men of God spoke as they were moved by the Holy Ghost, not by their own will (2 Peter 1:20-21). This means no scholar or minister has the authority to assign his own meaning to a symbol, person, or event in prophecy. Only Scripture is allowed to interpret Scripture. When teachers break this rule, such as making John in Revelation 4 stand as a symbol for the raptured Church, they step outside the boundaries of truth and lead many into error.
Because understanding timing is so important, it helps to identify what can be called landmark scriptures, passages that reveal the chronological order of major end time events. Without grasping this order, any interpretation of prophecy becomes useless, since it falls outside the plan the Father has laid out. Matthew 24 is one such landmark scripture because it lays out detailed events that lead into the major happenings of the last days, and it should be studied alongside Daniel, Ezekiel, Zechariah, Joel, the Psalms, and the other prophets so that the whole picture agrees.
When it comes to the Book of Revelation specifically, it should be understood that the seven Seals are not action events in themselves; rather they function like a table of contents, simply announcing the judgments and the wrath that are coming upon the earth. Revelation opens with a ceremony in Heaven confirming Jesus as Lord over all creation (Revelation 1:1-3; 4:1-2), and the sealed book that follows in Revelation 5:1 is a book of judgment and wrath, which believers must distinguish carefully from the promises given to the Church, since the Church is not appointed to wrath.
Above all, students of prophecy must guard against pride, traditionalism, and the erroneous teachings that have taken root through popular scholars, however famous they may be. Being well known does not make a teaching correct. The heart must stay open to hear what the Spirit is saying, testing every teaching against the plain word of Scripture rather than settling for comfortable but false interpretations.
The scriptures
Knowing this first, that no prophecy of the scripture is of any private interpretation. For the prophecy came not in old time by the will of man: but holy men of God spake as they were moved by the Holy Ghost.
The Revelation of Jesus Christ, which God gave unto him, to shew unto his servants things which must shortly come to pass; and he sent and signified it by his angel unto his servant John: Who bare record of the word of God, and of the testimony of Jesus Christ, and of all things that he saw. Blessed is he that readeth, and they that hear the words of this prophecy, and keep those things which are written therein: for the time is at hand.
After this I looked, and, behold, a door was opened in heaven: and the first voice which I heard was as it were of a trumpet talking with me; which said, Come up hither, and I will shew thee things which must be hereafter. And immediately I was in the spirit: and, behold, a throne was set in heaven, and one sat on the throne.
And I saw in the right hand of him that sat on the throne a book written within and on the backside, sealed with seven seals.
For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
From the books
This answer is drawn from these passages in the Mary Banks Faith Library.