Reading is a fundamental activity to obtain information both in the real and the digital world. Virtual reality (VR) allows novel approaches for users to view, read, and interact with a text. However, for efficient reading, it is necessary to understand how a text should be displayed in VR without impairing the VR experience. Therefore, we conducted a study with 18 participants to investigate text presentation type and location in VR. We compared world-fixed, edge-fixed, and head-fixed text locations. Texts were displayed using Rapid Serial Visual Presentation (RSVP) or as a paragraph. We found that RSVP is a promising presentation type for reading short texts displayed in edge-fixed or head-fixed location in VR. The paragraph presentation type using world-fixed or edge-fixed location is promising for reading long text if movement in the virtual environment is not required. Insights from our study inform the design of reading interfaces for VR applications.