The soldering iron has a number of parts that we'll discuss. First is the iron itself has a handle, which is thermally insulated to allow you to hold it safely without getting a burn. It also has a hot tip, which is thermally controlled by a controller attached by a wire. This allows us to adjust the temperature so that we can get a proper soldered join.
Perhaps one of the more important pieces of equipment is the solder stand, which allows you to safely put the solder iron back on the stand, so that you won't have any safety issues by leaving it out on a desktop, where it could potentially cause a fire.
As part of this stand, we have a number of holes on either side. These are to hold different tips that can be changed out if you have different style parts that you want to work with. This is a larger tip than what we have loaded in the iron at this moment. We can keep it here on the stand, nice and organized. So a soldering iron stand allows us to safely hold our iron, and it's also convenient -- a good idea to keep it right next to your work piece.