Would you mind to share the name of the old broker with good risk management? And the one with bad risk management tool? it is tough but with your knowledge and skills, i think you can start with even $10k account. There are so many brokers out here do not care how old you are (for example, Tastytrade).
If you can live on 25k a year indefinitely then you don't really have a problem. Any job will get you that until SS kicks in. Otherwise, your story is what keeps me up at night - relying on trading capital for income, having "just enough" and losing it all in some catastrophic scenario. You have reminded me why I keep risk dialed down to extremely low levels, and keep the bulk of assets out of my brokerage account in low yielding safe investments. I sincerely hope you will be able to find your way forward from this.
I am paranoid to post it yet, but I will after my bankruptcy is final. That should happen around January.
Sorry for your loss but don't blame your broker. You had successfully been trading a large account for 10+ years. It's incumbent on you to understand the risks and not rely on a broker stopping you out.
I'll repeat this again. Don't file bankruptcy unless it is absolutely the last thing you MUST do. It will screw you up in more ways than you can imagine right now. Be very very clear on what you are doing, and why.
That is a valid point. One thing that has stuck with me for years is Van Tharp talking about personal responsibility. I remember he had a student who was paralyzed due to a football injury. Through one of Van Tharp's workshops, he had this student finally accept responsibility for his injury. That story has stuck with me ever since. https://www.vantharp.com/trading/honest-self-appraisal/
Im a newb and this shit terrifies me. However, why is it on the broker to make sure you are ok? They normally arent looking out for your best interest. No one is looking out for your best interest more than you are. If you had experience you should have known better. I also believe most options people close out their positions and rarely hold over night - risk management thing. Dont go killing yourself. Its just money and while money is somewhat needed to live in this life it isnt so important that you should lose your life because of it. Just like the kid who killed himself being -700k on robinhood. Money isnt the end all be all even though it is nice to have. Ive been broke my whole life living just above the poverty line. I dont normally think "stealing" is the answer most of the time but I have done things when I have been broke to get me by (never stole from people just big billion dollar companies). Stealing food and a few other things im not posting online. If you feel like you have to do that just be smart about it until you get some traction. ive been homeless about 5 times already in my life. I understand being 60 makes it a little harder but these are the times where you get creative to do what you have to do. Dont hurt yourself or anyone else though. Big companies is fine. Bernie Madoff Walmart or something - No one would be mad at you for doing that.
Bankruptcy is my only out. I owe almost $500k, I have no job or job prospects, and nothing to pay any of the judgment amount. If I live for 2 more years, I can get $1k a month in social security.
I don't think he wrote that he thought he would die in the next two years. But if he becomes eligible to collect Social Security, it's probably safe from creditors. https://www.indianalegalservices.org/node/503/can-creditors-take-my-social-security So he might not need to file bankruptcy.