What would this mean?

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When someone says too you "a missed opportunity is a missed opportunity you can't go back"

What might the person be trying too say too you in more depth.

to take advantage of a first chance, you can act on something the second time but it is never as good as the first?

Don't dwell on what you should have done, but focus on the future, maybe.

That's what I inferred from it also. If there's something you regretted doing , don't dwell on it. You can't do anything about it now...move on.

It is literally what it means. When you have a chance at the very moment you either take it or you miss it.

An example would be that if you work at a company and you see something that would get yourself higher up (AKA on better pay) in the company. There will be a time-frame in which to do this and ignoring it would mean losing the chance to get that higher pay.

Another is you are in a conversation with someone and you see a chance (An "opportunity") to get something in that you want. However leaving it would mean the topic would go too far to mention it later.