Opening and closing transactions

FINRA FINRA SIE
1

Hi! I am having difficulty with opening and closing transactions. seem to get it and then the practice question stumps me. Any tips or tricks to better understand this topic?

thanks in advance

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I always remember it as:
Long- Purchase
Short- Sale

So if the opening transaction is a long put/long call, it is an opening purchase and if it’s short call/short put then it is opening sale. Same for closing- if it is long put/long call closing purchase and short call/short put closing sale.

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