How do i get over a fear of losing control of my life due to chances taken by my child?

Let go of anxiety: Not knowing the child's age, it seems most reasonable to accept that you cannot live your child's life. You give them guidance as they grow up, be a good listener, and then let go (i suspect that this is a young adult at least in question). If it is really serious risk taking, suggesting some outside help (in a gentle nonjudgmental way) is your best bet.