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Blouge said:

"Do you understand its context and principle for its time?"

Nope. I see the bible and what it says. Is there some other text I'm missing?
E.g., one that elucidates which parts to believe in and which not to?

Actually, there's a great deal you're missing, as it's not about what we shouldn't 'believe', but rather what we are not required to practice. 

Must like a repealed law would no longer be in effect, the Mosaic law (contained in the old testament) was specifically for the nation of Israel, and Jesus removed it from needing to be followed by Christians. While it has many beneficial principles for us today, Christians aren't bound by it.

Bear in mind, the Mosiac law was FULL of rules that benefitted people of the day, even if they didn't know how. For instance, they were forbidden to eat animals (i.e. pigs) that modern science shows have a tendancy to have more dangerous parasites if not properly cooked. (i.e. even nowadays, you don't eat pork rare. It's always well cooked, because it's not as safe as beef, otherwise) They had strict hygiene standards regarding how to deal with waste and dead bodies. People of the time didn't know about germs, but the standards they were given protected them from these things they were unaware of.