Stitch Glossary - From your friends at The Yarn and Fiber Company.

K / P
Knit stitch and purl stitch respectively. When knitting hold yarn in back and pass needle through front of stitch from left to right, then wrap up over the needle, pull loop through stitch on left needle and slip stitch off left needle. When purling hold yarn in front and pass needle from right to left in front of left needle then wrap up over the needle, pull loop through stitch on left needle and slip stitch off left needle. Wraps are always made up and over the needle, never under the needle.

KTBL - Knit through back loop
Knit through back loop by inserting left needle from right to left into back loop and then knitting stitch. This will twist the stitch and is commonly used to tighten stitches.

K2tog - Decrease
Knit two stitches together. Pass right needle left to right through front of two stitches on left needle (second stitch first) and knit together as one with yarn held in back as normal.

P2tog - Decrease
Purl two stitches together. Pass right needle right to left through front of first two stitches on left needle and purl them together as one.

SSK - Decrease (slopes opposite to k2tog)
Slip two stitches to right needle one at a time as if to knit. Keeping the yarn in the back put the left needle through front of stitches just slipped and knit them together wrapping around the right (back) needle as normal.

SL
Slip stitch from left to right needle. Normally done as if to purl (unless otherwise specified) Also written as SLP. SLK is slip stitch as if to knit this will also twist the stitch unless it is to be knit on this row.

KFB - Increase - Knit front and back (will result in a purl bar on knit side, ok if on edge to be seamed or in ribbing pattern)
Pass needle through front of stitch as if to knit, wrap and pull through but do not slide stitch off left needle. Put left needle through back of stitch and knit again, this time sliding stitch off of left needle.

M1F/M1L - Increase - Make one front or left slanting (if done incorrectly will leave a hole)
Also written as M1. Insert left needle from front to back under horizontal bar between stitch just worked (right needle) and next stitch on left needle. Knit the bar through the back loop.

M1B/M1R - Increase - Make one back or right slanting (if done incorrectly will leave a hole)
Insert left needle from back to front under horizontal bar between stitch just worked (right needle) and next stitch on left needle. Knit the bar through the front loop.

M1P - Increase - Make one purlwise (if done incorrectly will leave a hole)
Insert left needle from front to back under horizontal bar between stitch just worked (right needle) and next stitch on left needle. Purl the bar through the back loop.

PM / SM - Stitch ring marker
This is not a stitch. PM means place marker (stitch ring marker) on right needle. SM means slip marker, simply slide the marker from the left needle to the right needle. If a stitch is in the way then you are off on our stitch count!

PSSO - Pass slip stitch over
Pass the last slipped stitch over stitches just worked (knit or purled)

BO - Bind Off (sometimes referred to as cast off)
A conventional bind off requires knitting stitches, or working them in pattern, and as you work the stitches pass the previously worked stitch over the stitch just worked. When binding off the stitches must be worked loosely, approximately twice the size loop as when working them conventionally. If binding off all stitches you must start by working two stitches, then pass the first stitch worked over the second, now work one more stitch and pass the previous stitch over. When binding off stitches note that one stitch always remains on the needle and works from the right side towards the left. It is easy to make the mistake of beginning the bind off of a partial row, such as at the neck opening of a sweater, one stitch too early. If the pattern calls for working 20 stitches and then binding off some number of stitches this requires actually working 22 stitches before passing the first knit stitch over, as the bound off stitches are those passed over a knit stitch.