As English speakers, we are especially privileged in that there are so many Bible translations for us to choose from. But this leads to the question "how do we choose?" How do we know which Bible translation we should use when we search the scriptures daily for the truths God has revealed therein?
The truth is, there is no one right answer. There are certainly wrong answers. Some Bibles are not designed to be Bibles, but to support an agenda. The New World Translation, for example, was designed by the Watchtower organisation so that the Bible appears to support their doctrines more than to stay faithful to the text. But there are a number of Bible translations that are designed specifically to bring God's thoughts to your mind.
Bible translation has two methods: Formal equivalence (word for word) and dynamic equivalence (phrase for phrase). Both of these methods have their advantages and disadvantages.
Formal equivalence is the more literal method. When you read a Bible designed in this way, you are reading the text almost exactly as it was written. Almost. The main flaw with formal equivalence is that languages are almost never perfectly equivalent. There are certain idioms that do not translate well. See, for example, Islam Critiqued's video on a Jewish idiom "to have a long nose". There are some words that have no exact English equivalent (like owph, which is often rendered "bird", even though it does not perfectly translate to bird). Even the word order can make the English translation sound ridiculous.
Because of this, most English translations do not use formal equivalence perfectly. Nevertheless, there are those that try to do this most of the time. The advantage of this is that you know that what you are reading almost exactly mirrors what the original audience read.
Dynamic equivalence, by contrast, aims to preserve the message. This may involve slightly altering the text. You get the meaning, but the wording itself is lost. This is the main disadvantage of dynamic equivalence. Dynamic equivalence inevitably requires a certain level of interpretation on the translators' part. The more dynamic equivalence is used, the less word for word accurate the translation becomes.
The advantage to this is that the message is preserved, and transmitted more clearly. The Bible, of course, was not designed to get lost in translation. If the message is lost and all you have is a meaningless list of words that no longer form coherent sentences, it's great that you have a perfect translation, it's not so great that no one knows what it means.
Optimal equivalence is a method that combines both. The HCSB, for example, is translated using formal equivalence except in cases where the meaning would be lost from doing so. In this case, switching to dynamic equivalence enables the message to be preserved.
Another thing to consider about a translation is its age. All languages evolve over time. Words can change meaning (such as "closet"), fall out of use (such as "assay"), and even become profane (such as "piss", which is found in the King James version, but is now considered so offensive that I only feel comfortable using it as an example because it is an example). As a result, translations can become redundant, or at the very least make it difficult for some people to read.
Ultimately, the translation that you should choose is the translation that best allows you to study God's word. Some people may feel more comfortable with a formal equivalence translation. Others may not be able to understand such a translation. Ideally, you may want to use two or three different translations for comparison. But as shown numerous times throughout the New Testament, the word of God is intended to come to you in your native language. No one should have to learn Greek or Hebrew in order to receive the truth revealed to us by God. If the Lord blessed the Apostles with the ability to fluently speak languages they never even learned, it makes no sense that He would want His English speaking children to be without His word in a language they don't understand. Therefore, you should choose the translation that best fits your study style.