Darren Young admitted the Fifers only had themselves to blame after they dropped two points at Bayview.
Chris Duggan had put the home side into a 1-0 half-time lead but Ryan Wallace’s second half equaliser ensured a deserved share of the spoils for Stranraer.
But at a goal up, the Bayview side had more than enough chances to wrap up the win and build on their fine home record.
Young said the side needed to be more clinical in front of goal.
“We took the lead and then had enough chances to go further ahead before half-time,” conceded the Fife gaffer.
“It was the same in the second half. Kevin Smith has had a couple of chances, as have other boys, and we had a few set-pieces.
“We didn’t take them and were punished. It was gung-ho at the end, we could have won it and they could have won it.
“But from our point of view we should have had the game put out of sight.
“You have three or four chances to increase the lead and in the end get sucker-punched.
“If you want to do something in this league and get further up inside the top half and challenging for the play-offs then these are the games you need to be winning.”
Stranraer started the game well but couldn’t convert their possession into clear chances.
Wallace had a sight of goal on the quarter of an hour mark but it was comfortably smothered by Mark Hurst.
East Fife gradually came into the game and took the lead from a fine Duggan effort.
The Fife striker was picked out on the edge of the Stranraer box by Aaron Dunsmore but, with his back to goal, still had plenty of work to do.
But Duggan managed to shift his feet well and sent a fine strike beyond Cammy Belford on the turn.
East Fife had chances to increase their lead, with Kevin Smith, Mark Lamont and Jonathan Page all out of luck in front of goal.
Stranraer kept on plugging away and Wallace fired home an equaliser with the aid of a deflection to restore parity.
Both teams had chances to edge ahead, the best falling to Stranraer’s Paul Woods.
On the edge of area the Stranraer midfielder had time to bend his strike towards the top corner, but his effort was tipped around the post by a quite remarkable Hurst save.
With the clock ticking down, Stranraer’s Liam Dick saw red after picking up a second booking.