1.Placing a position
Placing a position is also called opening a position. It is a two-way transaction.
If the market is bullish, traders place long position contracts and if the market is bearish, traders place short position contracts.
2.Closing a position
Closing a position means that the trader reduces or removes the position and stops holding the contract. It is a two-way transaction as well.
If traders hold long positions under a bearish market, they can sell long positions to reduce the contracts they hold; if traders hold short positions under a bullish market, they can buy short positions to reduce the contract they hold.