It is befitting for one reciting the Qur'an that he/she be in a state of wudhoo and approach Allah's Book with the best of manners, humility and respect. He should be sitting up and not leaning nor sitting in any disrespectful and arrogant manner. The best recitation of all is that done in salat and standing and the best of that is in the masjid.
As for the quantity of reading, there are narrations from the Companions regarding completing the entire Qur'an every three days, every week or every month. Once every month is the recommendation of the Prophet (sas), one week is his (sas) recommended minimum for those who desire to do more and less than three days should not be attempted since it will compromise comprehension which is the point of reading the Qur'an.
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From Abdullah ibn 'Amr (ra): The Prophet (sas) said to me, "Read the [entire] Qur'an each month." I said, I have more strength than that. He (sas) said: "Then read it every twenty days." I said, I have more strength than that. He (sas) said, "Then read it every seven days and do not exceed that."
In another version of this hadith in At-Tirmidhi, the narrator says: "I was zealous and it came back upon me." This means that he later experienced difficulty after committing himself to more than what the Prophet (sas) initially recommended to him.
You should not attempt to complete the Qur'an in less than three days. The Prophet stated that one who does this has no comprehension.
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From Abdullah ibn 'Amr (the same narrator as the hadith in Muslim above): The Prophet (sas) said, "Whoever reads the Qur'an in less than three [days] does not comprehend." (Sahih per Sh. Al-Albaaniy)
The simplest formula is that you should seek to maximize your recitation and study of Allah's Book the most you can without impeding your necessary business and work, without harming your health and without compromising your ability to recite the sounds correctly (from reading too fast) or pondering their meanings. This last statement implies that if you do not know the meanings of the Qur'an, that it would be best to divide your time between reciting the Qur'an and learning Arabic and the meanings of the Qur'an in order to arrive at the desired result. Ibn Abbas (ra) is reported to have said:
"That I should read Al-Baqarah and Aal 'Imraan with correct recitation and careful contemplation is move beloved to me than to read the entire Qur'an a hasty recitation."
If you find yourself with time on your hands, do not pass up this opportunity for reward and benefit and spend much of it reciting the Qur'an. Strive to not let your recitation become less than one complete reading each year - and add another in Ramadhan if you are able. Ibn Masood (ra) is reported to have said:
"Whoever completes the recitation has a du'a which is answered."
You should strive to read the Qur'an in a nice sounding voice. One who was given a pleasant voice should strive as much as they are able. This should never resemble the style of music and songs, however and that was something highly disliked by the salaf.
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From Al-Baraa' ibn 'Aazib that the Prophet (sas) said: "Beautify the Qur'an with your voices."
The preferred reading is the quiet reading.
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From 'Uqbah ibn 'Aamir Al-Juhaniy that the Prophet (sas) said: "He who raises his voice with the Qur'an is like one who displays his charity and he who lowers his voice with the Qur'an is like he who gives charity privately."
Except of course that he should be able to hear himself. It is also without harm to raise one's voice with the Qur'an sometimes for a particular purpose such as to perfect pronunciation, aid in memorization or to fight drowsiness. Also included in this is teaching and learning and a condition for all of this is that it is not disturbing others or interrupting their salat. Reading should be done from the printed mushaf at least once per day.
When you recite the Qur'an, you should remember the great kindness and favor of Allah upon His creation in allowing the meanings of His speech to enter his mind by means of this book. You should remember always that what you are reading is unlike any other book and it is not the words of any man. Keep the reality and greatness of the source of the Qur'an present in your heart and ponder the meanings of what you are reading. This pondering and this understanding is after all the point of the Qur'an and the point of reading it. If it can only be accomplished by repeating verses over and over then do that and do not rush on to more verses. If you do not understand the Arabic, then read and contemplate a translation of the meanings in your language after each verse you recite while remembering that what you are reading in another language is NOT the speech of Allah, but only some man-made words which may give some clues to the meanings contained in Allah's words.
It is reported that Abu Dharr reported that the Prophet (sas) once spent an entire night in contemplation of Allah's statement {If you punish them, they are your slaves...}. Perhaps the following sahih hadith is a reference to the same event:
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From Abdullah ibn 'Amr ibn Al-'Aas that the Prophet (sas) recited Allah's statement about Ibrahim {Lord they (the reference is to idols worshiped beside Allah) have led many astray so every follows me is of me and whoever disobeyed me, You are surely Forgiving, Merciful.} And Isa's statement {If you punish them, they are surely Your slaves and if you forgive them, You are the Mighty, the Wise.} And he (sas) raised his hands and said: "O Allah, my nation! My nation!" And he (sas) wept. Then Allah Mighty and Great said to Jibreel: "Go to Muhammad - and your Lord knows best - and ask him what makes him weep." So Jibreel went to him and asked him. Allah's Messenger (sas) informed him of what he had said. Then Allah said to Jibreel: "Go to Muhammad and say that We shall please you with regard to your nation and we will not cause you grief."
When you recite the Qur'an and contemplate its meanings, you should bring as much understanding as possible to each verse you read and get the full benefit of that verse. So for example, when you read {He created the heavens and the earth...}, have in your heart the contemplation of the greatness and complexity of all that Allah has created.
When you read about the creation of the fetus from some liquids in the body and the stages it goes through in development, reflect on the great power of Allah in bringing about something so complex from something so simple.
When you read about the conditions of the rejecters of faith, feel the fear that you should fear of the anger of Allah should you stray or become neglectful of His orders.
And stay away from all that blocks or prevents understanding. For example, shaitaan may inject into your heart that you have not read correctly and pronounced a letter exactly correctly and so you get stuck on that and forget about concentrating on the meanings. Another cause is if the reciter is engaged in a sin on a continuous basis, or is arrogant or imprisoned by desires. All of this is a cause of darkness of the heart and its rust. It is like dirt on a mirror which prevents true vision. The heart is like a mirror and the desires and distractions are like the dirt and the MEANINGS of the Qur'an are like the images seen in the mirror. So exercise your heart by setting desires aside and focusing against all distractions as if you are cleaning a mirror.
When you recite the Qur'an, you must know that YOU are the one being addressed in the Qur'an with the promises and the threats. And that its tales were not sent for entertainment but to learn from and take warning. On this basis, you can contemplate the book and act upon its directions.
Maintain your distance from imagining that you have any power or ability. All power and ability to effect and transform belongs to Allah as we say "Laa haula wa laa quwwata illaa billahi". And never look at yourself with an eye of being pleased and praising yourself. Whoever looks to himself as always falling short this becomes a reason of his coming closer [to Allah].