In Forth, the interpreter reads tokens. By default, each token is read and then executed. There is a token that switches the interpreter into "compiling" mode. When in compiling mode, each token is read and then used to instruct the compiler to emit code representing the token. There is a traditional and beautiful interplay [0] between the Forth interpreter and its initial stream of tokens, as the tokens customize the interpreter and compiler by augmenting their behaviors.

The main contrast that I would draw between Forths and Lisps is syntax. Forths don't really have syntax; they have token-parsing streams. Lisps are extremely tree-oriented, but Forths are stack-oriented.

[0] https://github.com/nornagon/jonesforth