To many unknowns to know. If someone has the drop on you and you're alone I would not make any sudden movements. Give them what they want. Unless all they want is to kill you which is probably not the case. If all they want is your watch and money give it up. I keep the bulk of my money in a money clip. Rarely used stuff like proof of insurance, registrations for my vehicles and like 20 bucks in my wallet. I only own a couple watches that would bother me to lose and I rarely wear them.
Don't count on Mr. Gangbanger to be inexperienced either. A wanna be like most of em that we have around here you may get away.