Chapter 02 · Section 2.1

Position

Each of these statements describes Victor's position:

"Victor is short 250,000 March Deutsche Marks"
"Victor is long 250,000 March Deutsche Marks"

A short position represents a sale not yet offset by a compensating purchase. You owe.
A long position represents a purchase not yet offset by a compensating sale. You own.

This is true whether you trade in securities, commodities, futures or options.