It is highly recommended for hadith readers to understand at least basics of Usool al Hadith. In order to gain correct understanding, one should refer to authentic Islamic scholars.
With this beautiful branch of knowledge, Usool Al Hadith, Muhaditheen (Hadith Scholars) have been able to segregate authentic and weak narrations. Following authentic (Sahih) narrations is absolutely mandatory. This, however, needs to be kept in mind that there are certain ways in which hadith can be correctly interpreted. One of these is studying it in conjunction with Quran and other sahih ahadith. Looking at a particular piece of information in isolation may result in misguidance. If we use an analogy, it is same as taking a brick and assuming what the overall house would look like when you don't know what its other components are. It is therefore, re-iterated that we should establish a relationship of knowledge-seeking with aithentic islamic scholars.
Following is an authentication study on Mishkat by Nasir ud Din Albani: Bangla: Tahqeeq on Mishkat (Download)