This is simply to have a notebook and pen by you as you read and to jot your thoughts of that verse down. It can be simple or it can be fancy. Make it a part of you.
If you google "LDS Scripture Journals" you will get a long list of different ideas.
Here are what I created for me to use.
I printed them out double sided, put them into a binder (used my comb binding machine.)
You could use a small loose leaf binder
They are 1/2 a page or a full page landscape mode cut in half.
It can be as simple as 1 Nephi 1:1- Nephi respected his upbringing and parents
One of the best ones I have seen is located here. She is amazing on her journals and I wish my handwriting was half as good as hers .http://www.theredheadedhostess.com
I have seen several on www.Sugerdoodle.net
And of course Pinterst is loaded with ideas!