The word Lord (which would be the translation for the name Jehovah or YHWH) appears ten times in this Psalm. There is something very significant about ten utterings of the holy name of Jehovah. Under Jewish law and ritual practice, this could only happen once every year, on the Day of Atonement. If you spoke the name of Jehovah aloud except under these circumstances, you were committing blasphemy, which was a capital offense.
On the Day of Atonement, however, the high priest offered a prayer of repentance. On that day the people had to fast. The high priest would then offer prayers on their behalf. There would be two goats, one would be sacrificed and another—the scapegoat—would be sent out into the wilderness to bare the sins of the people away from the city.
In the course of these prayers, statements of thanksgiving, and blessings, the high priest alone could speak the name of Jehovah ten times aloud. And each time the people heard the name, the Jewish texts say that they had to fall down on their face, to be completely reduced to the dust of the earth, before the great presence of the goodness of God.
We do not know when Lehi died, but within a few months Nephi wrote this Psalm. It is possible that it was composed on the first Day of Atonement after the death of Lehi. In any event, the Psalm of Nephi makes a perfect Day of Atonement text. It shows how we are ultimately dependent upon the Lord, not just for guidance and for strength, but for his forgiveness, that we might become one again with him to be encircled in the robes of his righteousness and then we can go forward trusting in him.
Matthew Nickerson, "Nephi’s Psalm: 2 Nephi 4:16–35 in Light of Form-Critical Analysis," Journal of Book of Mormon Studies 6, no. 2 (1997): 26–42.