Penn & Teller: The Seven Basic Principles of Magic

1. Palm: To hold an object in an apparently empty hand.
2. Ditch: To secretly dispose of an unneeded object.
3. Steal: To secretly obtain a needed object.
4. Load: To secretly move a needed object to where it is hidden.
5. Simulation: To give the impression that something that hasn’t happened, has.
6. Misdirection: To lead attention away from a secret move.
7. Switch: To secretly exchange one object for another.

(via Unreasonable Faith)