50+, what to do next?

You are probably going to need employment. Sit down -- maybe even with family and/or friends -- and figure out what type of work you have the best chance of getting. And ignore the comics in this thread. Their words mean little. Only your decisions have meaning. Make wise ones.
 
Best thing to do in your situation is to man up and get a job. You need the retirement benefits, for one thing. You should try to get the highest paying job you can get so you'll draw more when you retire.

You've a strong degree and know what you need to do.

I do not get the sense you are committed to being the best in the world at trading. So, I'm not sure why you are in this game.

Here is my advise:

#1 Get a job
#2 Continue to trade in your spare time. You aren't even day trading so it shouldn't even be a big impact.
#3 Keep your expenses down.

I advise you to stay away from prop firms unless they pay a salary. The main thing is to create a narrative and sell yourself. Shouldn't be too hard. With a science degree, you should look for management jobs at your age. You can put down your trading business on your resume.

Quote from somewhere:

I started full time at home position and swing trading stock three and half years ago. Prior I was a part time stock investor with my spare money from my regular job for a few years. I lose a ton due to market crash. I then learned option by myself, and have traded option for about 15 months. I made a lot of mistakes over the course, and have been drown down a lot last year; but gradually made up. Over these years, I am still a big loser. I have a small family to support. My capital has significantly decreased after four years of living expenses and trading loss. I am not a day trader or a risk taker. Although I am very confident in trading options now, I don't think I will make it for living in the long run with my current capital. I am in my early 50. I had a Master degree in a science area, but retry in that area of job is absolutely impossible for me. I am thinking to find a trading job in a prop firm or investment firm. I am a hard worker, and I can put down some capital- say 30K to start with. In my current circumstances, I can not afford to make any mistakes or waste time. I sincerely ask your advises and helps.
More...
 
Quote from doublet83:

This does not sound like a good recipie for trading success. You say you cannot afford to make any more mistakes or to waste time. However as a trader, you want to have enough capital to feel confortable trading, and to absorb losses without it affecting your mentality.

Furthermore, it sounds like you have had limited success in the past. What makes you feel that you can succeed in this very competitive game now?

Don't want to come off as harsh, but you have to be honest with yourself. Losing all your capital at trading is a very likely scenario so you better have a good reason to believe that you can succeed.
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I am confident in my option trading now, but I have limited capital after 4 years. I am not a risk taker, so I can only expect 20-30% annual return, which is not enough to support my family. Therefore I am seeking to work as a trader. I know it's difficult to get hired as a trader with my qualification, so I said I could put down 30K to start with to work for a prop/investment firm -- of course I still have over 100K in capital. I don't know if there is a prop firm would take a non-daytrader. My posting here is asking for help on how/where to get in as a trader or advises on any other options I can have to stay as a trader and make living. Thanks.
 
Just be careful you get into the right franchise. There are many sharks out there in the franchise world. Lots of franchise sales people out there to make a commission off of you from the franchise fee. Do your due diligence.

Btw, 5 years ago a quiznos franchisee committed suicide.

For the cynical view of franchises:

http://www.unhappyfranchisee.com/
 
Call a business broker and ask for a listing of all business for sale with a net of $100k per year, eliminate all health care, food service, automotive companies from the list.

Each quarter Inc magazine has a special issue listing the fastest growing companies. Examine the list looking for something that is remotely interesting. Find an area an copy a successful business model. Avoid the franchise route if you can....

Forget W2 think LLC-1099

Good luck,
 
Quote from ramora:

Call a business broker and ask for a listing of all business for sale with a net of $100k per year, eliminate all health care, food service, automotive companies from the list.

Each quarter Inc magazine has a special issue listing the fastest growing companies. Examine the list looking for something that is remotely interesting. Find an area an copy a successful business model. Avoid the franchise route if you can....

Forget W2 think LLC-1099

Good luck,
More...

Why didn't I think of that 5 years ago (semi-failed tradr lookin 2 quit)...
 
You'll just end up forking over a big chunk of cash for someone's lousy business, w/o any tangible assets in return for the cash. You'll get a lease somewhere, usually about to expire, and some worthless inventory, and won't be able to pay yourself a decent wage. He would be better off with a job at Walmart.
 
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