The word Faerie is from the Latin term (fate), faeries are a "host of supernatural beings and spirits who occupy a limbo between earth and heaven". This is in recognition of the skills faeries had in predicting and even controlling human destiny. Faeries can be either good or evil.
Fay or fey is the archaic term for faerie meaning bewitched or enchanted.
Faeries are often betrayed in children's stories as tiny, winged, and good hearted. However, this description varies widely from worldwide folk traditions in which beliefs concerning hidden races sharing the earth with us have resided for most of human history.
Faeries are different sizes and shapes. They are thought to have supernatural powers, and therefore few people sought out their company.