Lose is the verb: to misplace or to fail to win. Loose is the adjective: not tight. Don't lose the ticket. A loose screw. Diction as a set is in word choice.
One o is the verb
If someone is doing an action, it is lose / lost. If a thing is slack or not fastened, it is loose. Don't loose the game is never right.
Lead versus led is another one-letter verb trap, in lead versus led. Affect versus effect is in affect versus effect. Grammar overall is in ACT grammar rules.
The bottom line
Verb: lose. Not tight: loose.
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