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Cancelling an AA miles ticket

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My eyes are whirling from trying to read all the fine print about award tickets on the AA web site. I'm hoping someone here knows the answer.

Can you cancel a reservation made using AA miles? Is there a penalty for doing so? Is it money, or miles?

I'm just beginning to think about taking a trip with miles later this year, in August. The availability of award seats changes from day to day, and right now there are flights that meet my desires exactly. But I'm not certain I want to make the trip at all, so I'm afraid that if I wait to make the rez, the flights I want won't be available.

If I go ahead and make the reservation, and then have to cancel, will it cost me?