But not only applying God's word, the psalmist prays that he will be able to observe God's word. I think he is asking for help in obeying scripture. We like to make excuses for our actions. We easily ignore doing what we know we should. But as we spend more time in Bible reading and Bible study, we discover a desire to obey, to observe God's word in our life.
Bible reading feeds our spirit.
And as our spiritual side grows, we gain new desires, insight, and strength. Bible reading helps us grow in faith and helps us to be obedient. The psalmist had discovered that as he spent time reading scripture, he beheld wondrous things. His prayer is that God may continue to open his eyes to spiritual insight. If so, spend time in the Bible.