This psalm was probably written about David's reflections when he was hiding in a cave from Saul (see 1 Samuel 22-24).
Psalms 57:4
At times we may be surrounded by people who gossip about us or criticize us. Verbal cruelty can damage us as badly as physical abuse. Rather than answering with hateful words, we, like David, can talk with God about the problem.
Psalms 57:7
David's firm faith in God contrasted sharply with his enemies' loud lying and boasting. When confronted with verbal attacks, the best defense is simply to be quiet and praise God, realizing that our confidence is in his love and faithfulness (Psa 57:10). In times of suffering, don't turn inward to self-pity or outward to revenge, but turn upward to God.
Psalms 57:8
David calls out to his soul and his instruments to prepare for praise. Before a new day begins, he wants to "wake the dawn" with his song honoring God's faithfulness. Instead of spending a sleepless night worrying about what he cannot change, he uses those wakeful hours to meditate on an expression suitable for the world. David's example shows us how to turn times of stress into times of blessing by considering God's faithfulness in comparison with our fleeting problems. Why worry when you can invest that time in praise?