I'm one who loves the musings of Buffett. It's difficult to not listen to someone who was gifted with the trading yen as a young kid. Clearly, he's not batted 100% out the park; and, has missed a few cracks at the bat; but, your post reminds me that the worse thing one can do is not fail at Rule #1; but, to FORGET that they lost, and fail to apply Rule #2.

This reply prolly makes zero sense; but, I hope you get it. In a nutshell, it's okay to lose; but, not learning from your loss, and repeating the error, is an issue.

Peace.