No Bible translation is equal to the original inspired words of Scripture (2 Timothy 3:16-17), but this does not negate the value of Bible translation nor the importance of studying and applying the Bible to our life (Psalm 1). Joshua 1:8 indicates the importance of being immersed in God’s Word. Clearly, regardless of what Bible translation we choose, we must obey God’s commands. To understand how to do this, we must read and apply the Scriptures to our life. To do that, we must choose a translation that we can understand..Regardless of the translation we choose, to properly exegete God’s Word, believers should follow the example of the Bereans displayed in Acts 17:11; instead of immediately assuming that Paul (or they) were right, they compared what was being taught with the actual text. Today, we can be equally conscientious by using concordances and focusing on the context of the passage when seeking to properly exegete it. This is a healthy practice, regardless of the translation we use.
The two primary types of Bible translation methods are dynamic equivalence and formal equivalence. Dynamic equivalence is a thought-for-thought translation whereas formal equivalence is a word-for-word translation. Strict word-for-word translation is not always possible, but formal equivalence strives for literal translation true to the original text. Dynamic equivalence strives more for readability and understanding in the target language. As such, dynamic equivalence tends to involve more interpretation from the translators. Usually a translation will fall somewhere on a spectrum between literal and thought-for-thought. The most trustworthy translations are prepared and reviewed by teams of scholars. Technically speaking, the "most accurate" translation would be a literal translation of the text. However, given the realities of language and culture, strict textual accuracy does not always convey the message in the most clear way. Hebrew, Greek, and Aramaic—the languages of the original manuscripts—have different grammatical structures than English, so some changes will be necessary to make it readable.
Examples of literal translations are the King James Version (KJV), New King James Version (NKJV), New American Standard Bible (NASB), and English Standard Version (ESV).
Some dynamic equivalence translations include the New International Version (NIV) and the New Living Translation (NLT). The New English Translation (NET) also uses a dynamic equivalence approach, but it has extensive footnotes, many of which explain the translation choices.
Bible study from more than one version, including both formal equivalent and dynamic equivalent versions of the Scriptures, provide a deeper understanding of Scripture. Comparing translations can help us see the different ways to convey the words literally as well as the different understandings of the thoughts implied. We need to recognize when translators are doing interpretive work and when we need to do deeper study to properly understand the literal words in their context. Strong's Concordance is an excellent tool to combine with the use of our chosen version of the Bible.
Ultimately, Christians today have a wealth of solid Bible translations; what matters most is that we are regularly reading and studying God's Word, seeking to know Him as He truly is.