It is a position at which you suppose that an asset will strengthen, so you buy it now to sell later at a better price. Traders may use verbs to “buy” and “go long” interchangeably. The strategy that involves keeping a long position is considered bullish.
In the case with currency pairs, you are going long on a base currency and short on a quote one.
For example, if you buy the GBP/USD pair at rate 1.2345. It means that 1 pound costs $1.2345. If the conditions in the market make you think that the value of GBP against USD will rise, you can buy now and keep it until the price goes up. Imagine the rate goes up to 1.2356. In this case, if you sell after the price increase, you will make 11 pips.
The price of 1 pip is:
0.0001X100,000 (lot size)=$10
Your profit from 11 pips is:
Use position trading as your main strategy only if you have extensive knowledge of fundamentals and good stress management skills.