Yes...a pilot gets badly panicked after being engaged by an enemy fighter, so afterwards goes to his commander to tell him he wants to quit...Thanks dear bhaisahab...
In this context, it means he's lost the advantage over his opponent. Successful people are ones that have a certain edge over others. I used to be a cop, but when I lost the edge (over the crims), I knew I had to quit. When you no longer have an edge, you've lost it.