The first step is to paraphrase the meaning of each sentence. Start with a quick, straightforward comprehension exercise: what is being said in the poem in basic literal terms? This is an important first stage because it determines which interpretations are plausible and which may be ruled out. It also helps identify what can't be paraphrased and is left for speculation.
Pay attention to grammar (e.g., past or present tense, auxiliary verbs, aspect, and voice) and to whether statements, questions, or other expressions are being used. Look out for small words that might be skipped over (e.g., negatives, pronouns). Ensure the paraphrase is accurate, including the little words and syntax (how words combine to create meaning).
Don't attempt to guess the author or the date of the poem, as that's not the focus. Avoid using the poem's details to infer the author's biography or identity. Stick to the literal meaning to explore what the poem might be about, then think about possible interpretations or observations based on this. Consider the implications of the poem's statements and any inferences that can be drawn.
Avoid making guesses about meanings or themes based on isolated words or images. Instead, think about how the poet's choice of imagery and particular words shape the meaning. It may help to jot down a sentence or two summarizing the poem's main ideas or developments.
Consider the tone of the poem. Is it serious, ironic, bitter, earnest, skeptical, sentimental, etc.? Think about adjectives that best describe the tone. How might the tone affect how the poem is interpreted and what inferences can be made? Are there variations in tone throughout the poem?
While technical terms aren't necessary, consider the basics of the poem's form. Does it rhyme? What are its rhythms like? How does it handle line endings or word order? Does it employ experimental or unusual language? Relate these formal elements to the meaning of the poem.
The most important preparation is regular practice. Try reading "Today's Poem" on Poetry Daily for ten minutes daily and apply the advice above. If possible, practice with someone who can ask questions about the poem.