There's only one way to get into a long position: you have to buy the option(s); that is, "buy to open" the position. That's all there is to say about how to enter a long position. However, once you've bought an option, there are three ways in which you can exit your position:
Exercise the option
Close the position by selling the option
Let the option expire
The method you decide to use for exiting is up to you. In this section, we'll talk about some of the considerations for making that decision.
