Long Position
Long position is a position established with an expectation that the price of an asset will go up.
In certain markets, to go Long (i.e. to open a long position), you may need to actually purchase an asset. For example, you would buy a stock on the stock market or you would buy a digital asset on a cryptocurrency exchange.
There are other instruments, however, which allow you to hold an asset without actually owning one. These instruments are broadly called derivatives. In the case of a derivative, you are exposed to the price fluctuations of an underlying asset, without actually owning it. If you have a Long position, you are hoping that the price will go up.
Regardless of an instrument, with a Long position, if the price of that asset does go up, you would close it with a profit. If, on the other hand, the price goes down, you’ll get a loss.