long position :

Owning or holding options (i.e., the number of contracts bought exceeds the number of contracts sold). For equities, a long position occurs when an individual owns securities. An owner of 1,000 shares of stock is said to be "Long the stock." Related: Short position.

Long Position :

This is when a trader buys a currency in the hope that he will profit from an increase in its value. The term ‘long dollars’ means a long position has been taken out on the dollar, the ‘long’ part will always refer to the base currency.