Lyric discussion by serenity23 

Cover art for Taking Chances lyrics by There For Tomorrow

I think it's about not making stupid mistakes. While it's usually a good thing to take chances, sometimes it's not worth the fall if you lose something valuable in the process. In the case of this song, I think the guy is warning a girl he's either friends with or in a relationship with not to take a chance on something that probably will only come back to bite her