Glossary requests: which trading terms confused you?

Pip, pipette, point, tick, lot, contract, margin level, free margin, equity: trading has a lot of vocabulary, and platforms don't always use the same word for the same thing.

Post the terms that confused you when you started, or still do. Members can explain them in plain language, and we'll use the most common requests to decide which explainers to write next.

If you're answering, one term per reply keeps the thread easy to search. Plain examples beat definitions: "on EUR/USD a pip is the fourth decimal place, so 1.1050 to 1.1051 is one pip" helps more than a textbook sentence.