The book of Psalms begins with a exhortation to meditate on and love God's Word. It tells us that happy and blessed is the person who does this. The last few Psalms and many of the Psalms in between are filled with praise for the Lord. In between Psalm one and the last Psalm, Psalm 150, is every imaginable circumstance and situation we might experience in our walk through life. These could include trials, difficult losses, sickness, betrayals, and confusion, but also hope, joys, purpose, peace, and God's precious promises. The Psalms depict a whole spectrum of life experiences both difficult and joyful. They also depict God's faithfulness through every step we take in this world.
The Psalms are meant to be prayed, recited, and even sung. Although it is an Old Testament book of the Bible, no other book of the Bible can compare to it as a basis for daily prayer. The New Testament explains and expands on the knowledge we have of our wonderful redemption in Jesus. Yet the book of Psalms has a unique way of processing every possible situation we may face by the truth of God. Having said this, some of the situations the Psalmists talk about, lament, or pray about have a historical setting. Hence, it may be best to have a study Bible explaining the historical context, or use a good devotional on the Psalms alongside your personal reading of the Psalms.
When we walk by faith, depend on God through difficult and joyful experiences, and use His Word as our guide; we end up praising Him. Psalm 150:6 says, "Let everything that has breath praise the Lord." This is because we see how God has blessed us in good times and has helped us grow in our character and in becoming the people He wants us to be in difficult times. So in good times or difficult times, God deserves to be praised. He knows what He is doing in allowing the things He allows, and He is always faithful in what He does.
The Psalms and all of God's Word helps us to see this. It reminds us of God's love, faithfulness, and wisdom. Meditating on God's Word is our Anchor in time of need, and is the secret to a sweet relationship with Him. It is like spiritual living water that nourishes and never dries up.