How can one apply this quote from Viktor Frankl's Man's Search for Meaning?

"Live as if you were living already for the second time and as if you had acted the first time as wrongly as you are about to act now"

Just finished reading the book and seem to have got a different perspective on life. Having said that, I am struggling to understand how I can apply the above advice by Frankl. As life is full of situations you have never encountered before, I am not sure how I can imagine having experienced the situation before.

Or does the quote essentially mean, take the high road in every situation?