No, it is not wrong to read the Bible often. We all need to be encouraged to do this. In fact, I would venture to guess that 90% of us do not read, study or memorize it enough. Don't worry about doing it too much - unless you're doing it during work or ignoring your family & friends as a result.
I would like to encourage those on thislist who're new in Christ to consider starting a time in the morning in which you meet with God - before your day begins.
It should be short - 10 minutes is enough. It should basically be:
A prayer to ask God (sincerely) to lead you as you read,
followed by reading a short passage (1/2 a chapter is a good limit - less if you want to focus on digging deeper),
reflecting on what God is saying to YOU at that moment.
And some prayer & thoughts about application for the day.
Keep it simple. Keep it short. Make it deep, devotional, genuine, an expression of love to your Savior, seeking. Expect God to meet you there - to speak to you. (Not audibly, but to reach down to you & encourage you & guide you). God sincerely wants to meet with you & to get to know you.
Keep a dated journal - it helps you to be faithful, but don't let it become a mechanical time.
Such a time is often referred to as a devotional time, a quiet time, a morning watch... But make no bones about this: every man or woman who has impacted their world for Christ down through history has had such a commitment!
Even Christ did this. In Luke 5, after having had a tremendously efective teaching time, He withdrew into the hills to pray. The same thing appears in Mark 1:35 (I think that's the reference).
Mix things up - sing to the Lord during your morning watch if you enjoy singing. A friend of mine when reading an historical section (OT or gospels/Acts) used to pretend to be a TV announcer interviewing the characters in the scene he'd just read. Anything that makes the Word of God alive to you...
But such a time will help you become more familiar with theBible & to feel more comfortable praying. Remember, this is not some exercise - it's meeting with God. When we get busy, guess what tends to go first? You got it - this time does. Guess what Satan wants to keep us most from doing...
Spending too much time in the Word?! Hah! Don't worry about that.
3 John 4 - "No greater joy can I have than this, to hear that my [spiritual] children walk in the truth.