Use this card to revive "Ghostrick Alucard" and/or "Ghostrick Dullahan" from your Graveyard. When one of them is sent to the Graveyard afterwards, it will be able to recycle this card, making for persistent loops over time.
You can activate this card after "Ghostrick Alucard", "Ghostrick Dullahan", or "Ghostrick Angel of Mischief" (that has one of the two first monsters as Xyz material) gets destroyed, and Special Summon two of the monsters that where previously its Xyz Material. The effects of "Alucard" or "Dullahan" will also activate, allowing you to recycle another copy of this card or another "Ghostrick" card.
If you activate this card during the Battle Phase, use "Ghostrick-Go-Round" to change the Summoned monsters to face-up Attack Position, or "Ghostrick Scare" to change them to face-up Defense Position; also, "Scare" can be used at any point in either player's turn, making it useful for improving this card's flexibility.
By using this strategy with "Ghostrick Stein" (and another "Ghostrick" monster) and a "Ghostrick" Field Spell Card (except "Ghostrick Parade"), you can use the effect of "Stein" to search another copy of this card from your deck, effectively replacing this card whilst simultaneously providing a +2.