“road.” The Hebrew is derek (#01870), and it means “road, path, way, journey, manner, course of life.” The wise person understands his road, that is, the road he is traveling, his journey through life. The meaning of the Hebrew word derek (road) is broad enough to refer to both the immediate path he is walking on and his day to day activities, as well as the “journey” he is on and what are his long-term goals. The truly wise man looks for everlasting life and everlasting rewards, not just a “good life” on earth (cp. Moses; Hebrews 11:24-26).
“deceit.” The Hebrew noun is mirmah (#04820 מִרְמָה), and it means deceit, fraud, trickery, treachery, disillusionment, disappointment. In this context, because of its parallel with the first stanza, the most apparent meaning is “self-deception.” The fool deceives himself. However, it is also true that the fool, both knowingly and unknowingly, deceives others.