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When you make an option trade, you have an open position. How you make the trade depends on your broker.

If you have an open position, you're always able to close it (you may make a profit or loss). How you close the position depends on your broker.

If you have an open position, that means you have the potential for profit or loss, depending on the type of option. If you have no open positions you are not exposed to the market.

I suggest reading the CBOE tutorials at:
http://rtquote.cboe.com/LearnCenter/Tutorials.aspx

The CBOE is the exchange where most options are traded.
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