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Home >> Stock Forums >> Can someone please tell me if i am getting RIPPED OFF?

Can someone please tell me if i am getting RIPPED OFF?

marty087 said: "I got a telemarketing phonecall from "Global Options" (globaloptions.be)_ and was told that the price of unleaded gasoline was rising at a steady rate and it was a great time to buy some options to make some money. A long story short I naively set up an account and purchased 5 options, details are as follows BUY 5x CALL RBQ08@$1,020.00 SP: $4.0700 Firstly many of you may say this was a bad idea as I have no idea what I am doing and you may be right. However I was hoping that someone might be willing to give me an unbiased opinion as to what I have done. I noticed the strike price is 4.07 and the contract expires at the end of july. Does this mean that these options are worth nothing until the price of unleaded gas breaks $4.07? are options worthless unless the strike price is met? or can you sell a put option at anytime and make a profit if the market is higher than when i bought it? Who sets the strike price and why is the strike price on my contract so much higher than the market (57 cents to be exact) When I bought these options I was told that I would make $402 for every cent the market goes up for every option, is that true? Am I been conned into buying naked options that are extremely unlikely the be worth anything so the company which sold them to me can make a quick buck? thanks so much for any advice Marty"

398669 said: "You need to call them. From your post you sound as if you bought 5 Jul CALLS on RBQ08 which is an Aug futures contract on Gas. I do not know anything about options on futures but it seems to me that the options should have a symbol which you don't supply. I Googled Global Options and it seems they are located in Belgium Tel Nr. Tel: Fax: +32 280 80350 +32 279 19071 No offence but you really sound like you have no idea what you are doing and if this is the case then these people were unconscionable in accepting your money. Good luck. Let us know how you make out."