Get a grip:
Though, the concept of cold reading is to judge an artist’s ability to adopt a character without any prior knowledge but still you can be prepared yourself by doing rehearsals at home. Do not worry, it won’t kill the purpose as you will not be reading after memorising the lines.
Pick a random portion of a novel or drama and read aloud. You may ask a friend or family member to give an honest opinion on your performance. You may also request them to give you a surprise script to perform. This will help you in elevating your spontaneous acting skills.
Mostly, auditionees get panicked and fail to hit the mark in cold reading audition. You must learn how to control your nerves. Before they call you in, take a deep breath and try to be free from anxiety. Remember, they know that you did not have enough time to understand the script so the jury will definitely give you some benefit of this. All you need to do is to perform without any pressure and confusion.
Take your time:
There is no harm in asking them to give you some time for a brief reading. However, it does not mean that you will start memorising the lines. The most common mistake people make is to derive a character from such a brief script. Do not do this ever.
Now, it’s time for the real shot. You should start reading the script in a natural way. Do not be conscious otherwise you will lose the essence. There will be lot of other auditionees as well so you must stand out by showing versatility.
Try to be different, like if someone is performing a character in a loud voice, you should give the jury another flavour with a different tone.