During the SNL retreat we learned about ACTS. It is the prayer pattern taught to some Christians. It stands for Adoration, Confession, Thanksgiving, and Supplication.
This Psalm and most Pslams are adoration, meaning they praise God for who He is and what he has done.
Also in this chapter is a well known verse, verse 10:
10 The fear of the LORD is the beginning of wisdom;
all who follow his precepts have good understanding.
To him belongs eternal praise.
It’s not any fear, it is the respect kind of fear, the fear that causes obedience and awe of one that is fearful. If we fear God in the right way we will obey His commands and live in confidence because of His promises.