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What does it mean to have a ‘long’ or ‘short’ position?

A ‘long’ position is much the same as entering into a BUY transaction, conversely a ‘short’ position is much the same as entering into a SELL transaction. 

By way of example if you BUY 1 standard lot or 100,000 units of EUR against USD you are entering into a ‘long’ position. If on the other hand you sell 1 standard lot of 100,000 units of AUD against USD you are entering into a ‘short’ position.