One of the mid-tournament strategies is exactly in this line... risk-mitigation. Many players go through the progression of a hand thinking, "these are the ways this could go right and it would be awesome!" Instead, one needs to be thinking "what are the ways this could go
wrong and how do I minimize my losses?"
In a similar vein, people over-simplify success to "how many
hands did you win and lose?" The trick here is, assuming 2 sessions where the percentage of hands won/lost is the same,
how much did you win on the ones you did and
how much did you lose on the ones you didn't? Trying to get the most money out of the ones you win and lose the least money on the ones that didn't go your way is one of the main secrets to getting over the edge.
For example, let's say you play 20% of the hands and win/lose 50%/50%. If the amounts you win or lose is the same per hand, you are going to break even over time. Net 0. It doesn't matter if you play more hands (e.g. 30%) or fewer hands (e.g. 10%). If you are 50/50 win/loss, you are still at net 0.
OTOH, if you manage to win hands where you gain 15bb and lose hands where you lose 10bb, that 50/50 split is now
in your favor. This is why we hear people use the phrase, "lost the minimum". They worked their way down/out of a bad situation. The other side is convincing opponents to put
more money in when you have the nuts (or simply the best hand).
One of my reminders to myself is: "trickle down; jump up."
So coming back to the original post, recognize the risk and try to not put yourself in situations where you could lose all (most?) of your chips on a single hand. You might not win some pots where you could have but you would rather lose 5bb on the occasional questionable hand where you were ahead than dropping 40bb on it instead because you left yourself open.