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I've heard of this term before but wasn't really sure of what it is, can someone provide me with some information and possibly a reference to that info?

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When referring to the market long means you are betting "this" will go higher in value. Short means the opposite.

So when you are long an option, it just means you have bought the option.

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Here is an example of a long call

A good point @JohnBensin made in his comment:

When you long a put option, you're not hoping the underlying asset goes higher, but that the option itself increases in value (implying that the underlying decreased in value).

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    It might be worth clarifying that when you long a put option, you're not hoping the underlying asset goes higher, but that the option itself increases in value (implying that the underlying decreased in value). To those of us familiar with options, this difference is obvious, but to someone who isn't too familiar with the types of options and what they mean (I would argue that someone asking this question may fall into this category), I can see this confusing them. – John Bensin Apr 23 '14 at 2:30
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The simple way to conceive of "long" and "short" is to think of them as "buy" and "sell." If you are long a call and short a put, then you bought a call and sold a put.

It may also help to think of it as your time horizon. A long time horizon means you expect the asset to grow and mature, so you can stay a long time. A short time horizon means you expect the asset to stagnate or wither, so you should only stay a short time.

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