Hey folks,
I passed the exam on the first try, but reading the PMBOK was not enough.
Here was my approach:
1. Read PMBOK for the first time - didn't worry too much about understanding everything. I focused on becoming familiar with the PMI terminology, which is very esoteric.
2. I bought RIta Mulcahy's PMP prep book. It's available on Amazon.
3. I re-read the the PMBOK by reading one chapter and then reading the corresponding chapter in Rita's book, completing the respective exercises, and practice exam at the end of each chapter.
4. I took a few PMP courses at the local university (many colleges have extensions that offer PMP classes) so that I could further understand the material. This step is optional as there are other ways to acquire the 35 contact hours needed to sit for the test. Some of the courses help and some didn't (due mainly to poor instruction).
6. I joined a PMP study group (4 people) to help understand the topics more effectively. The PMI website or your local PMI chapter can help you help you find a study group if you're interested. Each person was responsible for summarizing and presenting a topic each week; we met over a course of a few months.
5. This step was the most crucial one: I completed close to 2,000 practice questions, which I got from multiple books that are available from different sources, including Amazon. I think studying the PMBOK and Rita's stuff alone would have not gotten me there. Although the practice questions were not the same as the ones on the actual exams, after doing many of them, I noticed the same patterns emerge in the question types, which helped me answer the actual questions.
For the last step, I placed myself in the situation to try and complete 200 questions in the 4 hour timeframe (to simulate the actual exam). Doing so helped me build endurance. By the time I took the test, I felt as though I had already taken the real test multiple times before. Overall, I spent around 6 months studying for the exam, but I was working full-time at the time, so I was dedicating a certain number of hours each week to studying.
Hope this helps.
Frank