Try out this site: 

http://chinesereadingpractice.com/

In the beginner section, you can read children's stories, essays, etc. Many of these stories have words that are repeated, so the repetition makes it easier to learn, as well as putting the character into context. This site also has a built-in translator that shows the English and the pinyin. 

Edited to add: 

A good start is this story (different website):

http://justlearnchinese.com/chinese-story-for-beginner-hsk-1-2-%e7%94%b5%e8%84%91%e9%87%8c%e7%9a%84%e5%a6%88%e5%a6%88-mom-in-the-computer-1/

It's for people that are just starting to read Chinese with a very small vocabulary. Lots of repeated characters :)

The most effective way is through immersion, living there and speaking to those who can't speak to you in your native language. If you can't do that, there's lots of other ways to learn a language. I don't recommend taking classes, just because I found that a lot of people don't learn languages well by sitting in class everyday and being taught. Try to seek out some native speakers and talk to them. Open a few books and try to read them. Make sure you have a dictionary or translator with you, but try not to use them too much. Practice everyday, even if for only a short while.  

These languages seem very difficult at first, but remember that no matter how small the steps you take are, you are still going to reach your destination.

Have fun learning. :)