Learn the Lingo (Sales & Trading)

I expect this to be long. It may include some stuff from the banking one, but with a different spin (as in they'll be viewed from the point of view of a trader instead of a banker):

Stock: Common stock traded on one of the exchanges (NYSE, Nasdaq, etc).
Bonds: Debt instruments traded OTC. Govies: Government bonds, usually issued by the US treasury. Treasuries are usually viewed as risk-free bonds (if the US Government defaults, the financial world is going to hell anyway).
Munis: Municipal bonds, these bonds from cities/states/government agencies. They are often linked to revenues from something like a tollway or parking meters.
ABS: Asset backed security. These are securities that pay out according to how some other assets pays out. For example, a student loan ABS is a security that pays out according to the loan payments on student loans. If students pay off their loans properly, you get your interest payments. If the students default, you're fucked.
MBS: Mortgage backed security. A type of ABS, but backed by mortgages. These are interesting because mortgage owners have the right to prepay, that is pay early. That being said, these are often covered from default by some government agency.
Fannies/Ginnies: MBS backed by Fannie May or Ginnie May, two government agencies that cover default on these. Other MBS include Jumbos, and other derivatives that we won't get into like IOs, POs, etc.
CMBS: Commercial mortgage backed security. A type of ABS backed by, surprise: commercial mortgages! Think, loan taken out to open a supermarket.Agencies: Often a basket term referring to bonds issued by government agencies.
Corporates: Corporate Bonds. These trade OTC and usually as a spread over treasuries. This spread is called the credit spread, and it is often used as a proxy to the default probability of the company issuing the bond.
Derivatives: A security that derives it's value from another security. It's worth noting that people will refer to trading derivatives vs "trading cash." That just refers to the fact that you can often buy/sell derivatives for very little up front; whereas, if you trade the underlying security then you have to pay cash up front. I'll go over a lot of the major ones here, but there are infinite permutations of derivatives. They are often categorized as equity derivatives, credit derivatives, fixed income derivatives and FX derivatives.
FX/Forex: Refers to the foreign exchange market.
Repo: Repurchase agreement. Essentially an investment bank / dealer owns a security and sells the security to another party and buy them back later at a higher price. The return rate between the original price and the higher price at which the security is bought back is called the "repo rate." As you might imagine, a "reverse repo" goes the other direction.
Future: A futures agreement is a contract that locks in a price for some underlying in the future. For example, if I buy a July gold future at $680, it means I just paid $680 for 12oz of gold to be delivered to me in July. Similarly a future on MSFT stock at $30 expiring in July would mean I just paid $30 to have some MSFT stock delivered to me in July.
Swap: A swap agreement usually involves agreeing to enter into a contract where one party pays some fixed amount regularly and the other part agrees to pay some floating (changing) amount regularly. The fixed payment is usually a fixed sum, and the floating rate can be pegged to anything (stocks, libor rates, etc).
CDS: Credit default swap. These are a credit derivative (a white hot market right now). A CDS buyer pays a fixed amount every quarter, but in the event of a default of the underlying the seller needs to pay the full amount for the defaulted bond. Basically it's default insurance.
CDO: Collateralized debt obligation. These are credit derivatives where lots of loans are packaged as one, so you get a piece of a lot of loans. These can be tranched, repackaged, synthetically created and all sort of other jazz. Won't get into the details here.
Converts: Convertible bonds. These are bonds that trade both with a credit spread and an embedded call option on the equity. There is a default risk, but you also get a call option in the bond so that if the equity does really well you can convert into stock instead of holding the bond. Basically you get the credit spread on the bond, but the spread is reduced because when you buy the bond you also buy the call option (and pay the premium for the call option in the form of reduced spread).
Libor rate: London inter-bank offer rate - used as a proxy in the fixed income markets for short term risk free interest rates.
Options: A contract that gives the buyer the right to buy or sell an underlying at a given price. This is in contrast to futures where the price is locked in and the sale is final. For example, if I buy a call option (the option to buy) MSFT at a strike of $30 by July for $2, it means I just paid $2 for the right to buy MSFT at $30 anytime between now and July. I still will have to pony up $30 if I want to buy MSFT between now and July. Options come in many forms, the most common being the "call" and "put" options. These can be combined in straddles, butterflies, spreads, etc.
Black-Scholes: Refers to the Black-Scholes-Merton model for option pricing. This has become so entrenched that options are often quoted in "vol" terms (the main input to the BS pricing formula).
Long: If you're long something, then you own something. If you bought a security, you are long that security.
Short: If you're short something it means you sold something without really owning it (thus you're going to need to buy it at some point). It's like being in debt.
Bid: The price at which someone wants to buy something. Commonly used as 16 bid 100 (translation, I'm willing to pay 16 for 100 of that thing).
Ask: The price at which someone wants to sell something. Offer: Same as ask, but can also be used as a verb. Commonly used as 100 offer 16 (translation, I'm willing to sell 100 of this thing for 16).
Bid-Ask spread: Just as it sounds, the difference between the bid and the ask.Desk: On the trading floor it refers to the group and focus of the group you work for.Mid: the average between the Bid and the Ask prices.
Lifted: People refer to your order or price being "lifted" it means someone traded with you at the price listed. Usually refers to when the offer gets taken.
Hit: People refer to the bid being taken as opposed to lifted.
Liquid market: Means there are lots of transactions in the market and an actively traded price. This is in comparison to illiquid markets where transactions barely ever occur (one needs to pay a "liquidity premium" to illiquid products with a bank, usually in the form of a large bid-ask spread). One refers to liquidity "drying up" when suddenly for some reason no one wants to trade (or no one wants to trade one side).
Hedge: A way to minimize risk on a trade by going into another trade that tends to move in the opposite direction. For example, if I am long a corporate bond, instead of selling it I could hedge it with a treasury. I'm still exposed to the credit spread, but I've hedged out my interest rate risk. You could also buy CDS to hedge out the credit spread (but if you're not taking any risk what's the point of being a trader?).
DEaR: Daily Earnings at Risk, also known as VAR (Value at Risk). This is often how the risk limits are set for a trading desk. It is a percentile for the losses incurred in a day over the course of a year. For example, if your DEaR limit is $1million, then you have a 5% chance of losing more than $1million on a given day. Note this means you should be exceeding a $1million loss about 2.5 times a year.
Balance Sheet: This is the other limitations, more important for places like hedge funds where capital is limited. It is the amount of capital you are using in your trade. If you have a balance sheet limitation, then it's important for you to trade derivatives over cash products.
PnL: Profit and Loss, enough said.
OTC: Over-the-counter. It means there is no physical exchange to trade the security. You actually have to call an investment bank or broker to trade them, and the people you call have to either have them, want them or get a hold of them.
Dealer Desk: It's worth noting that working on a trading desk, you're most likely on what'd known as a "dealer desk." It means you quote bids and asks all day long for people to buy/sell. You get to harvest the bid ask spread from everyone, but it's your job to give a price for anyone who shows up asking for a price. It's synonymous with "market maker." You are the market for your given security.
Sales/Trader: I don't think anyone really knows what this means. It often refers to people in the brokerage business that receive calls for orders and then passes them directly onto the market.
Sales Person: These people cover sets of clients. The clients call in with orders and the sales person either gives a quote or asks the traders for a quote. The sales people can often nudge the price up according to how well he/she knows the client to try to eek out a bit more off of them. They also often argue with traders to lower the price. Sales people entertain clients (read: free dinner at nice restaurants with clients).
Product specialist: A rather interestimg role for someone with a bit of experience. Product specialists often have some experience in structuring or trading, but are sales people who are especially knowledgeable in their product. They go on sales pitches with sales people, but are brought along specifically to talk about a product or a special deal/transaction. There are rumors of product specialists in Tokyo who are also allowed to trade.
TA: Trading assistant. This is probably what you'll be if you just joined a trading desk. They tend to book orders in the company systems, help program utilities (if you're capable in that area), get lunch/coffee, deal with middle office, risk and P&L. If you're capable they'll have you trade when the main trader is out or extremely busy. It's worth noting that not all TAs become traders.
Sales Assistant: I don't think anyone calls these people "SAs." A sales assistant is a salesperson in training. They do tasks and analyses for their sales person, go on client meetings with them, answer the phone, etc. From what I've seen almost all sales assistants become full sales people, an interesting contrast from TAs and traders.
Prop trading: Prop stands for proprietary. Prop trading refers to trading with the bank's money on the bank's behalf (as opposed to being market maker). It means you can actively enter into risk positions, but you are paying the bid-ask spread to enter into positions (as opposed to harvesting bid-ask on every transaction as a market maker). Prop books make money by placing directional and relative value bets. It's worth note that a lot of dealer desks keep prop books as well.
Structuring: A large part of the derivatives market is structuring products specifically for customers. For example, if a customer is averse to upward movements in the price of cotton and is a firm based in the UK that sells mostly to US clients, then you can create a specific security for them that hedges out the FX and commodity risk (which would be cheaper than the individual pieces due to correlation effects). Structuring happens most actively in the ABS markets where the yield of every ABS can be specifically created to be what the market is willing to pay for at the moment.
Arbitrage: An arbitrage is an opportunity to get a risk-free profit. Market economics says this should be impossible, but it's not. The simple example is if BP is listed on the NYSE for 66.60, but listed on the European exchanges for 66.62. Buy one, sell the other and pat yourself on the back for making 2 cents for every transaction you got through.
Stat Arb: Statistical arbitrage isn't really arbitrage at all, but it's taking advantage of statistical patterns at a high frequency level to eek out profits some 52% of the time.

That looks like enough for now. Feel free to message me with questions on any of my posts. It might be worth noting that there is an infinite world of derivatives to be explored here. Options can include options on bonds as opposed to equity (callable and puttable bonds). There are exotic options like Asian, knock-in/out, and Bermudan varieties. There are cross product derivatives like quantos (fx and equity derivative). If there is interest I can post a derivatives lingo primer.