In verse 164 the psalmist expresses his gratitude to Yahweh for his righteous ordinances (see similar phrase in verse 62b). Seven times a day may be meant literally, or else it may mean “many times.”
In verse 165 peace translates the word shalom (see 29.11), which is how most translate it. New Jerusalem Bible, however, has “well-being” (see Bible en français courant bonheur), and Dahood “prosperity.” The basic idea of wholeness, or completeness, means not only absence of conflict but the positive qualities of security and prosperity. So Die Bibel im heutigen Deutsch has “prosperity and peace.” In verse 165b stumble (or “fall”) refers to error or to misfortune in general. New Jerusalem Bible has “they encounter no adversity.”
Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .
