An open position refers to any trade that has been established and is still active, meaning it has not yet been closed out with an opposite trade. In forex trading, an open position can be either a long (buy) or short (sell) position. The position remains open until the trader decides to close it, either for a profit or a loss, or until it is automatically closed by the broker due to margin requirements or other factors. It is important for traders to manage their open positions carefully and monitor them regularly to ensure they are on track to meet their trading objectives.