1. A michtam,1 by David. Watch over me, O God, for I have put my trust in You.
2. You, [my soul,] have said to God, "You are my Master; You are not obligated to benefit me.”
3. For the sake of the holy ones who lie in the earth, and for the mighty-all my desires are fulfilled in their merit.
4. Those who hasten after other [gods], their sorrows shall increase; I will not offer their libations of blood, nor take their names upon my lips.
5. The Lord is my allotted portion and my share; You guide my destiny.

Tehillim Ohel Yoseph Yitzchok (Kehot Publication Society)

Tehillim is recited by Jewish people collectively and individually, as the desire occurs to offer praise and thanksgiving to G-d; or alternitavely, in times of crisis and need, as a form of supplication, and even as a venue to express regret for sin.

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6. Portions have fallen to me in pleasant places; indeed, a beautiful inheritance is mine.
7. I bless the Lord Who has advised me; even in the nights my intellect admonishes me.2
8. I have set the Lord before me at all times; because He is at my right hand, I shall not falter.
9. Therefore my heart rejoices and my soul exults; my flesh, too, rests secure.
10. For You will not abandon my soul to the grave, You will not allow Your pious one to see purgatory.
11. Make known to me the path of life, that I may be satiated with the joy of Your presence, with the bliss of Your right hand forever.