Low approach
On a clear afternoon as you are taxiing to the active runway, you may notice more than a few airplanes in the pattern taking advantage of VFR conditions. More than likely, it's a mix of students, VFR pilots, and instrument-rated pilots or instrument students practicing IFR procedures.
If you hear a position report that an airplane is making a low approach or low approach only, that's a cue you're sharing the pattern with an instrument pilot or student. He's practicing an instrument approach to the airport, and he's letting you know that he won't be landing. The pilot may make a straight-in approach to the runway - it may not be the active runway - and will generally fly the low approach at a designated altitude found on instrument approach charts. If the low approach is flown to a runway that is not the active one, the pilot may break it off at pattern altitude and join the flow of traffic to the active runway, or break off and begin to climb.
The Aeronautical Information Manual also defines a low approach as a VFR approach including a go-around where the pilot intentionally does not make contact with the runway.
A missed approach, on the other hand, is a maneuver done as depicted on the terminal approach procedure chart when the instrument approach to the airport can't be completed.
At the missed-approach point (specified on instrument approach charts), the pilot will execute explicit missed-approach procedures while cleaning up and reconfiguring the airplane. Missed approach is also a designated term in the AIM to tell air traffic control that you are executing a missed approach.
It's worth your time and effort to take a look at the instrument approach charts for your airport. Ask your CFI to explain the instrument approaches and the waypoints, or fixes, which accompany them (see "Aviation Speak: Procedure Turn Inbound," December 2001 AOPA Flight Training). AOPA members can look up terminal procedures in AOPA's Airport Directory Online.
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