Put (oneself) on the line verb phrase
Put oneself in a dangerous situation
He put himself on the line to save the hostage.
You can play this extreme sport as long as you don't put yourself on the line.
I'm willing to put myself on the line for you.
If you take a flyer (on something), you take a chance, risk, or gamble on it.
This proverb advise you already have your own valuable thing, so you don't need to take the risk of getting something better, which may cause you to lose everything.
1. To grab or make the most of the opportunities when they happens or exists
2. When you take your chances, you take a risk because you may fail.
To do something without considering risks, threats, or consequences
To do something harmful or dangerous to one's health and life
The verb "put" should be conjugated according to its tense.