Almost the whole poem is made of just two words, "flee" and "fight," shuffled into short lines like a nervous mind switching back and forth. The first stanza is nearly all "flee." In the second, "FIGHT" appears in capitals, as if the speaker is shouting at themselves to stand firm, but the lines slide back into "flee" almost at once. Only in the last stanza does "fight" take over, and even then the final line ends in "flee," then "fight," leaving things unresolved.
The speaker seems caught between fear and the urge to resist, unable to settle on either. The title, "Losing strategy," suggests that neither choice works, or that constant wavering is the real problem. The mood is anxious and breathless. The bare repetition feels like a racing heartbeat, and the shrinking last stanza, with its missing final line, can read as exhaustion or a sudden stop.