There is no honor, no right way to fight and nothing good comes out of it except you surviving.
It's nothing like video games - martial arts won't help (well, beyond helping keep you in shape), a bullet will kill you in a horrible, slow way (dying instantly means you're lucky) or leave you with a disability for life, a simple knife slash will leave you in a hospital for a long time and a simple hit with fist can dislocate your jaw, which is really terrible (you can't eat, can't speak, your face is swollen, you drool all the time).
Sadly, kids don't seem to understand, and most people laugh when I tell them the best strategy is RRF - Reason (give them the wallet, try to solve it with words), Run (as fast as you can and don't look back), Fight (only if all else fails, and fight as if your life depends on it)...