Lyric discussion by SomethingBatman 

Cover art for Trade Mistakes lyrics by Panic! at the Disco

"Place in a smile at the perfect event, Gracing your skin with the side of my hand." It is clear that he loves her. "Gracing" her skin with his hand when he touches her. a clever and powerful line.

"If i ever leave, I could learn to miss you, But sentimental poise, my nom de plume." Sentimental poise is his pseudonym (a fictitious name used by an author to conceal his or her identity; pen name).

"Let me save you, hold this rope." He wants to save her.

"I may never sleep tonight, As long as you're still burning bright." Bright in his mind. She is on his mind.

"If I could trade mistakes for sheep, Count me awake before you sleep I'll still wait 'til I trade my mistakes or they fade away." One of his biggest mistakes is with this girl and he will never sleep because he just keeps killing himself over them, but he still cares for her so he wants her to sleep but he will suffer until he can't remember what he has done.

"I fill the room in this body, Deserted my organs, they could go on without me." He feels empty and enormous at the same time. Detached from himself.

"You can't fly these wings, You can't sleep in this box with me.

Let my save you, hold this rope." They cannot be together for whatever reason but he still cares deeply for her.

"Don't let me save you, Hold this rope and I'll pull you in, 'Cause I am an anchor. Save her oar, I feel it sinking in, Let me save you, hold this rope, I am an anchor sinking her. (ho, oh, oh, oh)" He is now going back on what he had said before because he is doubting that he could saver her at all, thinking that he would just be an anchor pulling her down. Then he still wants to save her but doubts himself saying that he would just sink her even though he is so torn because he wants to help.

"I may never sleep tonight, As long as you're still burning bright." She is on his mind.

"If I could trade mistakes for sheep, Count me awake before you sleep I'll still wait 'til I trade my mistakes or they fade away." He is just waiting until he can finally forget everything that has happened. Til he can finally just sleep.

The man is probably haunted by constant nightmares and he might have even witnessed this girls death and felt as though he was the cause. He is clearly damaged by past events and mistakes he has made. (also, i don't know that it is about a girl because it could be about a boy)