How did you dislocate your hip – car accident, fall, sport, etc? What did your doctor classify your dislocation as (ie. Type I, II, III, IV)? What kind of hip dislocation did you sustain – anterior or posterior. Posterior dislocations are the most of the two types of dislocations. With a posterior dislocation the iliofemoral ligament is most commonly injured. Did your Dr. tell you that your ligamentum teres femoris was completely torn? You are correct that this ligament isn’t responsible for the overall stability at the hip joint and it is actually removed when an individual undergoes a total hip replacement and these patients do quite well. For stability, there are 4 other ligaments at the hip which when joined together along with the angulation of the proximal femur in relation to the acetabulum (socket), makes dislocation of the hip joint difficult. 

Did you have any imaging of your hip performed such as a radiograph (pre and post) or MRI (pre/post)? The radiograph will show how your hip is lined up and also display any fractures or loose fragments. The MRI will reveal any damage to the labrum, cartilage or capsular ligaments. In some cases a MRI will also be performed of the hip a few weeks later after the dislocation to look for avascular necrosis of the femoral head. 

At 30 years old, and if you only sustained a type I dislocation, I would think you should be able to achieve your prior level of function. Have you inquired with your doctor about participating in physical therapy? Working with a PT for strengthening, range of motion and functional training may help with decreasing the likelihood of a recurrence. The PT will also be able to monitor you and refer you for further medical attention/imaging if he/she suspects a problem including avascular necrosis.