Latitude: L stands for Latitude. A little rhyme to help you remember latitude is Temperature Decreases as Latitude increases. Areas at the poles experience colder conditions because of the curvature of the earth (less intense and direct rays as you move further north or south of the equator). Another way to put it is, the hottest places on earth are found at the equator, as you move away from the equator, either North or south, the average temperature decreases, but the temperature range increases.
Ocean currents: O stands for Ocean Currents – Temperature of an ocean current will affect the air above it example. The cold Labrador Current cools the air along the Labrador Coast, while the Gulf Stream flowing northwards warms the areas it comes in contact with. The two currents meet over the Grand Banks to create an area of dense fog.
Winds and air masses: W stands for Wind and Air Masses – An air mass is a large volume of air with almost the same temperature and moisture content throughout. Air masses take on the characteristics of the area where it formed. Air masses forming over the ocean (called Maritime Air Masses) will carry moisture. Air masses forming over the continents (called Continental Air Masses) will be dry.
Elevation: E stands for Elevation - As elevation increases temperature decreases, this is known as the “lapse rate”. Remember that an increase of elevation causes a decrease in temperature.
Relief: R stands for Relief (Mountains) – air rises up windward slope of a mountain, expands then cools and goes back down and clouds can't hold anymore of moist then let go as rain.
Near water: Near Water stands for near water, large water bodies like oceans heat up and cool down much slower than land masses. During the summer winds blowing over the water will cool the land. In the winter, winds coming from the water will warm the land. This moderates the climate. Also the air mass generally carries a great deal of moisture.