Throw/cast caution to the wind(s) verb phrase
The verb "throw/cast" can be replaced by "fling".
To do something without considering risks, threats, or consequences
Adam threw caution to the winds and ended up losing all of his money in the casino.
David decided to cast caution to the winds and start a business on his own.
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 harmful or dangerous to one's health and life
The verb "throw/cast" should be conjugated according to its tense.
The phrase 'to the winds' has been used since the 1600s which means ‘to be totally lost'. Later, during the mid-1800s, the phrase 'throw to the winds' was used to mean ‘completely disregard'. The full phrase 'throw caution to the winds' has been used since the early 1900s.