import time
import serial
# configure the serial connections (the parameters differs on the device you are connecting to)
ser = serial.Serial(
	port='/dev/ttyUSB1',
	baudrate=9600,
	parity=serial.PARITY_ODD,
	stopbits=serial.STOPBITS_TWO,
	bytesize=serial.SEVENBITS
)
ser.open()
ser.isOpen()
print 'Enter your commands below.\r\nInsert "exit" to leave the application.'
input=1
while 1 :
	# get keyboard input
	input = raw_input(">> ")
        # Python 3 users
        # input = input(">> ")
	if input == 'exit':
		ser.close()
		exit()
	else:
		# send the character to the device
		# (note that I happend a \r\n carriage return and line feed to the characters - this is requested by my device)
		ser.write(input + '\r\n')
		out = ''
		# let's wait one second before reading output (let's give device time to answer)
		time.sleep(1)
		while ser.inWaiting() > 0:
			out += ser.read(1)
			
		if out != '':
			print ">>" + out

import time
import serial
# configure the serial connections (the parameters differs on the device you are connecting to)
ser = serial.Serial(
	port='/dev/ttyUSB1',
	baudrate=9600,
	parity=serial.PARITY_ODD,
	stopbits=serial.STOPBITS_TWO,
	bytesize=serial.SEVENBITS,
	timeout=5
)
s=ser.read(1024)
print s
print repr(s)
ser.close()

import time
import serial
# configure the serial connections (the parameters differs on the device you are connecting to)
ser = serial.Serial(
	port='COM1',
	baudrate=9600,
	parity=serial.PARITY_NONE,
	stopbits=serial.STOPBITS_ONE,
	bytesize=serial.EIGHTBITS
)
s=ser.read(1024)
print s
print repr(s)
ser.close()

>>> import serial
>>> ser = serial.Serial('COM1', 9600)
>>> while 1:
...     ser.readline()

print s

print(s)