The speaker is a young woman, judging by the title "she," who feels her emotions swinging out of control. She laughs one minute and cries the next, flickering like a disco light. She admits she's "not right" and "all wrong," but explains why: she has been hurt, and singing is how she copes.
She also keeps people at a distance. "You don't know me," she says, and she likes it that way, with "no chords attached," meaning no strings or ties. The image of a fairy with no wings suggests someone who feels magical but unable to rise, escaping only in dreams. Others call her crazy, and she answers that they may be right.
The ending turns toward a quiet accusation. Someone wants to leave, and she lets them go, but asks where they were when she was in pain. The mood is raw, defensive and sad, with a flash of stubborn pride underneath.