Careful observation is critical because you can't interpret or apply what you never see. Dr. Guthrie also discusses how to distinguish between the backbone of a passage and its support material. Make sure to write out the definition of observation that Dr. Guthrie gives at the 9 minute mark of the lecture.
Also, before you listen to the lecture, read Psalm 1 and write out what you think are the main ideas, what you learn about your relationship to God and how you will apply it to your life. Then see how it compares with Dr. Guthrie's comments in the lecture.