“Apply yourself wholly to the text; apply the text wholly to yourself”
(Seventeenth-century theologian Johann Albrecht Bengel).
It seems to me that today people often do only one of these and the result is a perversion of God's design for us as God's people. If one applies themselves wholly to the text but does not apply the text wholly to themselves then they can become prideful, stunted spiritually, and not impacting people as much as they could. However, if one applies the text wholly to themselves without applying themselves wholly to the text, they often go through life without biblical discernment, not knowing true teaching from false teaching, often misapplying Scripture to their lives and the lives of others, pulling it out of context (both historically, literally, and canonically), and often making the Scripture mean what they want it to mean (not what it actually means) all the while (sadly) not realizing that they are actually doing this. Both are needed. May God give us grace to practice both.
(Quote taken from Dr. Moo's website)