This waltz allows one to feel Lyadov's optimistic side. The opening marking, "Commodo," means "comfortable," similar to the English word. While the "comfortable" tempo varies for each individual, considering that an accelerando from measure 3 leads to the tempo of measure 5, it would be appropriate to start slower than the quarter note = 138 of measure 5, by calculating backward.

Now, incorporating the author's subjective view, a performance that starts slowly and then suddenly shifts to a fiery, fast tempo from measure 5 feels unnatural. The flow proceeds more naturally if there isn't too great a difference between "commodo" in measure 1 and "Allegretto grazioso" in measure 5. It is advisable to begin leisurely in measures 1-2, apply a slight accelerando in measures 3-4, and approach measure 5 with the mindset of a lively, forward-moving waltz.

Consider this a graceful and light waltz, rather than one expressing intensity or surprise.