1 Heb “to you, O Lord, my life I lift up.” To “lift up” one’s “life” to the Lord means to express one’s trust in him through prayer. See Pss 86:4; 143:8.
2 Heb “those who deal in treachery in vain.” The adverb רֵיקָם (reqam, “in vain”) probably refers to the failure (or futility) of their efforts. Another option is to understand it as meaning “without cause” (cf. “without excuse”; “wantonly treacherous”).

In other versions

To you, O Lord, I lift up my soul.

O my God, in you I trust;

let me not be put to shame;

let not my enemies exult over me.

Indeed, none who wait for you shall be put to shame;

they shall be ashamed who are wantonly treacherous.

In you, Lord my God,

I put my trust.

I trust in you;

do not let me be put to shame,

nor let my enemies triumph over me.

No one who hopes in you

will ever be put to shame,

but shame will come on those

who are treacherous without cause.

Lord, I appeal to you.

My God, I trust in you.

Do not let me be disgraced;

do not let my enemies gloat over me.

No one who waits for you

will be disgraced;

those who act treacherously without cause

will be disgraced.

O Lord, I give my life to you.

I trust in you, my God!

Do not let me be disgraced,

or let my enemies rejoice in my defeat.

No one who trusts in you will ever be disgraced,

but disgrace comes to those who try to deceive others.

To you, O Yahweh, I lift up my soul.

O my God, I trust you; let me not be put to shame.

Do not let my enemies exult over me.

Indeed, none who wait for you should be put to shame.

Those who betray without cause should be put to shame.

Unto thee, O Lord, do I lift up my soul.

O my God, I trust in thee: let me not be ashamed,

Let not mine enemies triumph over me.

Yea, let none that wait on thee be ashamed:

Let them be ashamed which transgress without cause.

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