That doesn't make sense, you need to read the data when it comes in, not at some arbitrary interval. Have you read this:
If not, I suggest you do, it is an excellent tutorial on how to do serial communications.
On a more general note using delay is asking for trouble because nothing else can happen while delay is delaying. Nothing. No reading a button, no updating a display, no turning an LED on or off. There are tutorials for this too.