well i can only tell you what i do. it doesnt require any sort of meditation or trance. all i do is state firmly in my mind 'time warp: slow down please' or you can do it the other way around by saying 'time warp: speed up' the please is optional
as for if it works... im not sure. i did use it a while ago because i felt like my days were just rushing by and now my days seem very long in comparison. so maybe it does. i guess the best bet is to try it and see for yourself.