Settle for less, or settle for nothing?

After recently getting the answer "no" - an unequivocal, no room for compromise or future changing of the mind, polite but in no uncertain terms "no" - I seem to constantly be getting the advice not to settle for less than what I want. I ask though, what if the options are "settle for less" or "settle for nothing"?

The prevailing wisdom - although I won't confirm the depth of that wisdom - seems to be that if I settle for less than what I want, it will ultimately leave me unhappier than settling for nothing, for now. That prevailing wisdom continues to say that if I hold out, I will get what I want and I won't have to settle. But how can I know that? Even failing any certainty, how can I even begin to believe that the odds are in my favor and worth the gamble?

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