This card works pretty well with "Seven Swords Warrior" as his effect for dealing damage can be used to increase his ATK to 3300.
Use this with burn cards that have no activation requirements. When the opponent attacks your monster, equip it with this and activate "Ceasefire", "Poison of the Old Man", "Secret Barrel", or anything that inflicts effect damage to give your monster 1000 ATK and hopefully overcome the opponent's monster. Works well with monsters like "Don Zaloog" that will make up for the -1 from activating the burn card.
You can use this card with "Gagaga Cowboy" (not on the turn he was Summoned). Use his Defense Position effect to deal 800 damage and have a 2500 ATK monster until the end of turn.