Answer: being “long” means you already bought it (and haven’t sold it). Being “short” means you already sold it (but haven’t yet bought it). Being short is uncommon, while being long is extremely common.
When you’re long, you want the stock to rise (because you own it). When you’re short, you want the stock to fall because you owe someone the shares (and legally must buy them later at whatever price you get).
An ETF that’s advertised as “3x long” is expecting a daily performance that’s about 3x that of a stock or index. So if the S&P goes up around 1%, a 3x long S&P etf will go up around 3%, and a 3x short S&P etf will go down 3% – however that’s a simplification and there are hidden reasons why this has added risk.
Long means they own shares or otherwise have investments where they hope they’ll go up in value (call options, etc). Short is the opposite, where their investments are betting on the price falling.
3x long would mean some sort of leveraged position where they’d gain 3x what the underlying equity/derivative moves.
Long and short are useful when discussing options, which allow you to buy something that increases in value when another price decreases.
So long means, I bought or sold some position that will increase my value when the price increases, and short means I bought or sold something that will increase my position’s value when another price decreases.
3x means they use leverage to get as close as they can to gaining $3 when the other price increases by $1.
You buy any stock, you own shares, you have a position, you are long. You hope what you own increases in value. You sell those shares and you are out of the market. You closed your position. You are at zero.
You sell shares you don’t own, you owe shares, you have a position, you are short. You hope what you owe goes down in value so you can buy shares and repay what you owe. You buy shares to cover your short or close the position. Once closed you’re at zero.
3x funds borrow money to buy “extra” shares. Instead of taking $100 and buying one share at $100 they borrow an additional $200 and buy three shares. This amplifies gains and losses. Borrowing in this way is also called using leverage.
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