1. **Long Call**: A long call strategy involves buying a call option. Traders use this strategy when they expect the price of the underlying stock to rise. The potential profit is theoretically unlimited, while the maximum loss is limited to the premium paid for the call option.

2. **Long Put**: A long put strategy involves buying a put option. Traders use this strategy when they expect the price of the underlying stock to fall. The potential profit is capped at the strike price minus the premium paid, and the maximum loss is the premium paid.

– Reference: [Investopedia: Long Call](https://www.investopedia.com/terms/l/longcall.asp), [Investopedia: Long Put](https://www.investopedia.com/terms/l/longput.asp)