Years ago I lost my beloved. Two years later I lost my pastor (who was also my best friend's husband). That was around the time when the song "I Can Only Imagine" came out. My heart was in such a mess that I could not listen to the song without bursting into tears, thinking about the two men I loved who I had lost.
I thought about how each of them would respond when they saw Jesus. My beloved would have seen Jesus and fallen to his knees and bowed to the ground at Jesus' feet, with great reverence and awe. My pastor would have seen Jesus and gone running straight to his open arms in a full, firm bear-hug of an embrace, full of love and camaraderie. What I imagined for each of them was characteristic of what I knew of their personal relationship with Jesus.
My beloved set aside time every day, a formal time of worship, Bible reading and prayer. He had a list of prayer items and went through it all one by one. He would sit and listen for God to speak. He also prayed throughout the day in a relatively formal sense, but not necessarily a formula (like the Lord's Prayer) or even repetition (like a rosary). But formal, nonetheless.
My pastor would pray the same way he spoke to anyone. He did not use big fluffy Christianese words or lingo or catchy phrases. His prayers were simple, honest, genuine and an outpouring of what was in his heart at the time, often through the day. He also made it perfectly clear that Jesus was absolutely his first love and priority.
Both men had a genuine, honest relationship with God through Jesus. Neither was right or wrong...imo, they were both amazing, godly men who loved Jesus.
Personally, I've become more informal over the years, and I have to say that I miss certain aspects of formal prayer, but I love that my "fear" (awe) has been tempered with my need to go to him more often and informally throughout the day. I have not fasted for prayer purposes in a long time, and I miss that too. Still, I don't think there's a right or wrong way, but rather whatever is characteristic of the type of relationship someone has with Jesus.