Shield Stun: When hit by attacks while shielding, you will lag for a number of frames during which you can't do anything. The number of shield stun lag frames varies depending on which character hit you and with what attack, the lag is not based on who you are. This is different from shieldhitstun in that it is the person shielding, not the attacker, that receives the lag.
Smashfest: Smashfests are held by players just looking to play smash with other people. To find out if there are any fests near you check the Regional Zones. Fests are usually held by individual players or there respective crews. There are also events known as biweeklies which are essentially Smashfests every 2 weeks. If you want to get your name out there and become more known in the smash community, fests are the way to do it.
Short Jumping/Hopping (SH): If you tap the jump button quickly, you will do a shorter jump than usual. Short hops actually come out faster than full jumps. This is very useful in quickening the pace and removing vulnerabilities in your character.
Shieldhitstun: When you hit a shield with an attack, you will suffer shieldhitstun. During these frames, you can't do anything.
Sand Bagging: There are essentially two ways players sand bag. The first is when a small amount of money is on the line, where the stronger player may intentionally play poorly in hopes of winning a larger sum of money later on. The second and more common way of sand bagging is when a strong player doesn’t use his best character and intentionally plays poorly during friendly matches, usually to keep the other player from learning his style or to have an excuse for losing later on.
Sex Kick: The nickname given by Matt Deezie's crew to the nair attack of some characters, this nickname has since become common place after several years of usage. It is defined as a kick that sticks out and still hits people even when the foot is no longer moving (Samus, Mario, Doc, Yoshi, etc). Some people use it as a term for all nair’s, although such a reference would be incorrect.
Rising Pound: JiggyPuff’s pound can give horizontal distance with almost no loss in vertical height. To perform it, do the pound, then slide the control stick upward, the effects are quite obvious if it is performed correctly.
Priority: If two attacks come out at the exact same time, they will clank, no matter if it's a jab against a jab, or a jab against a smash. [too long to copy here]
Mind Games: One of the most misunderstood terms within the community. Mind games are first were used to describe a single trick used against an opponent, but have since come to describe how a player thinks during an entire match. [snip]
John's: A john is just an excuse used to make a victory or loss illegitimate because of external or internal factors during a match. Common johns include cell phone distractions, controller “malfunctions”, coughing, talking, itching, and in game suicides.
Infinites: Several characters have infinites, of which none are regularly banned at tournaments except as a means to stall.
Grab/Throw: Press Z, R and A, or L and A to attempt to grab your opponent. After you grab them you can attack them with A, and then throw them by tapping the joystick in the direction you want to throw them. Eventually, they can wriggle free (faster by pressing buttons and moving the joystick/c-stick) so you can't just attack them with A forever. A grab is the only move that is unaffected by shielding (although hitting L/R does reduce the time of the grab).
Hitbox: The area that an attack covers and can deal damage.
BYOC: Stands for “Bring Your Own Controller”. Don’t expect any tournament or Smashfest to provide controllers for you.
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