Using the two effects of this card one after another (attaching, then immediately detaching) can effectively allow you to 'trade' any "Ghostrick" card in your hand for any "Ghostrick" Spell/Trap Card in your Deck.
Since this card has little self-protection, take advantage of the "Ghostrick" archetype's ability to stall until you can manage to attach 10 Xyz Materials to it. You can also use cards like "Safe Zone".
Use "Ghostrick Parade" to search and add cards to your hand that you can then attach to this card. Since you are going for the alternate victory condition, there is no problem with the opponent not taking any damage.
This card's last effect can potentially be used more than once in the same turn, if it is flipped face-down, then face-up again. This is viable due to the common theme of flipping monsters face-up and face-down in "Ghostrick" Decks, such as by the effects of cards like "Ghostrick-Go-Round" and "Book of Eclipse". Other cards that can do this include "Ghostrick Museum", "Ghostrick Scare", and "Tsukuyomi".
This card can be a gimmicky alternate victory method in a "Utopia" Deck based around "Xyz Change Tactics", "Rank-Up-Magic"/"Rank-Down-Magic" cards, and "Stoic Challenge" (see the Tips page of "Xyz Change Tactics" for details). As mentioned on that page, after getting a "Utopia" monster with at least 7 Xyz Materials, in case you do not draw "Stoic Challenge" or are otherwise stuck, you can segue into the following: