Out of curiosity, once a brahman asked to Maharshi Ved Vyas (महर्षि वेद व्यास) “Out of four Yuga (युग), which one you like the most?”. He replied, Kallou, Kallou.... (कलौ, कलौ......). He said, KaliYug (कलीयुग) is the most suitable to attain libration from cycle of death and birth. Maharshi Ved Vyas was of opinion that, in the first three Yug, SatYug (सतयुग), TretaYug (त्रेतायुग) and DwaparYug (द्वापरयुग) one has to do detailed rituals like yagna, havan, tap and all to attain liberation, while in KaliYug (कलीयुग), ultimate libration can be achieved by just repeatedly reciting names of God/Goddess. No need of detailed expensive resourceful rituals. Wilfully and knowingly, by merely chanting the names, verses of deity, one attains the supreme liberation. This is called Jap Yagna.
Stotra or Stotram स्तोत्र (stotra) is a Sanskrit word, for a hymn addressed to deity. It can be a prayer, a description, or a conversation. These hymns praise aspects of the divine, such as Devi, Shiva, or Vishnu. Relating to word "stuti", coming from the same verb, stu (to praise), and basically both mean "praise".
There is no fixed time or day for reciting Stotra, it is generally believed that reciting Stotra gets you what you desire for. For recitation one has to choose place and time in such a way that minimal disturbance is there. It is desirable that one knows the meaning of the verses being sung too, this helps in immersing deeper into cosmic divine dip one inevitably will take while doing continuous recitation. Utmost thing required during recitation or other prayers of deities, is pure love and affection towards them.
I hope and pray that you will benefit as much as possible with divine grace by regularly reciting Shree Lakshmi Stotra