To "go for broke" is to risk everything on one chance to win big. Example: "Are you sure you want to bet all of your money on that one horse?" Reply: "Yes. I'm going for broke!" To be "broke" is to have no money; you "go for broke" when you risk losing everything for one chance to win big. Example: "Do you think that girl will dance with me if I ask her to?" Reply: "Sure: go for broke!" "Go for broke" means take a risk, try your best, and give all of your energy to something. Example: "The way to be successful is to decide exactly what you want, then go for broke."