The basics
Long position (going long)
Going long means buying an asset expecting its price to rise, so you can sell it higher later.
Going long means buying an asset expecting its price to rise, so you can sell it higher later.
Taking a long position is the most intuitive way to trade: you buy low hoping to sell higher. Your profit is the difference between your selling price and your buying price. As long as you hold the position, you are said to be "long."
The risk on a long position is capped at what you invested: in the worst case the price falls to zero. The profit potential, on the other hand, has no theoretical ceiling since a price can keep rising.
You buy a stock at $50 expecting a rise. It climbs to $58 and you sell: you make $8 per share. Had it instead dropped to $45, you would have lost $5 per share.
Understanding a term is good. Applying it on a real platform with a clear method is better. That is exactly what we do in 5 days.