This quote is like a recipe for giving feedback. Imagine you're baking a cake. When it turns out delicious, you want to shout about it to everyone. That's the "praise loudly" part. When you find a mistake in the recipe, you don't need to yell. You quietly correct it, just like "correct softly."
In life, people are like cakes. When they do something great, like a friend helping you, shout out your thanks and make them feel awesome. But if they make a little mistake, like forgetting your birthday, you don't need to scream. You can gently let them know what happened, so they can learn from it.
This saying teaches us to balance our words. When you praise loudly, you make people feel special, like a star in the sky. When you correct softly, you help them grow, like a tiny plant getting the right amount of water. It's like being a caring chef in the kitchen of life.