You can Normal Summon this card and equip it with either "Heart of Clear Water" or "Mist Body" in the same turn. Since it will be in Defense Position, you will be safe from battle damage (except from piercing effects) and this card cannot be destroyed by battle.
You can use this card's effect to summon "Witch of the Black Forest", before setting up or performing a Link Summon. Then you could use "Witch's" effect to search a monster like a "Forbidden One" or a Hand Trap. Keep in mind that if you search a monster with "Witch's" effect, you can't use it in the same turn.
This card works well in an "Oja Snipe" Deck. Discard "Ojamagic" to Special Summon "Snipe Hunter", and discard the subsequent "Ojamas" to attempt to clear your opponent's field.
This card also works well in a "Ritual" Deck as "Preparation of Rites" can return a Ritual Spell from the grave to hand, meaning you can discard a Ritual Spell with relatively low cost. And even go for the Summon of "Djinn Presider of Rituals" to set of a Ritual Monster that'll give draw power.
In a Spellcaster themed Deck, discard "Magical Blast" for this card's cost. You can easily recycle it during your next turn. You can then use "Magical Blast" when you've filled all your monster slots using "Summoner Monk" to inflict 1000 damage.
The above strategy can also work in a "Gladiator Beast" Deck, as you can add cards to your hand using the effect of "Gladiator Beast", and use card trader to draw a card during your standby phase. Alternatively, you can discard "Indomitable Gladiator Beast".
Discard a card to Special Summon "Sacred Crane" and draw a card with its effect.
Discard "Galaxy Cyclone" so you can use it's effect later, lessening the loss of a Spell Card.
Special Summon "Armageddon Knight" and use its effect to send "Shaddoll Dragon" to the Graveyard to destroy a Spell/Trap your opponent's control, then Xyz Summon "Castel, the Skyblaster Musketeer" by using "Summoner Monk" and "Armageddon Knight" to send both "Armageddon Knight" and "Summoner Monk" to the Graveyard and shuffle 1 face-up card your opponent control into the deck. So because you have 3 DARK monster in your Graveyard, (Summoner Monk, Armageddon Knight and Shaddoll Dragon) you can Special Summon "Dark Armed Dragon".
A similar strategy is also useful in a Wight deck. Special Summon "Armageddon Knight" and use its effect to send "Wightprince" to the graveyard, which would also send "Skull Servant" and "The Lady in Wight" to the graveyard. Then, XYZ summon "Lavalval Chain" using "Summoner Monk" and "Armageddon Knight", then use its effect to send a second "Wightprince" to the graveyard, which would send a second copy of both "Skull Servant" and "The Lady in Wight" to the graveyard, which would increase the ATK of "The King of the Skull Servants" by 6000.
This card can summon "Cannon Soldier" to start one of the possible OTK's that heavily involves "Cannon Soldier".
Another Zombie swarm tactic is to use "Summoner Monk" to Summon a second "Summoner Monk", then use it's effect to Summon a "Zombie Master" who you can use to Summon a "Blue-Blooded Oni". Xyz Summon a "Summoner Monk" and "Zombie Master" into a "Gem-Knight Pearl", use "Blue-Blooded Oni" to remove and Special Summon the "Zombie Master" Xyz Material whose effect is now reset. Then Xyz Summon again to clear up space for further Summoning.
This card may also be used along with "Inferno Reckless Summon" with a monster that has 1500 ATK or less to Special Summon 2 additional monsters that can attack this turn. This is useful for archetypes such as "Watt".
In a "Gem-Knight" Deck, discard "Gem-Knight Fusion" to the Graveyard to Summon practically any "Gem-Knight" monster from your Deck for practically any cost
Use it to Xyz Summon an Rank 4 monster or Fusion Summon with another from your field or Graveyard.
Special Summon an "Gem-Knight Alexandrite" and use his effect to summon a "Gem-Knight" Normal Monster from the Deck who can attack this turn .
Use his effect to Special Summon a "Genex Blastfan" and add a DARK "Genex" monster from your Deck to you hand.
You can easily Summon a Rank 4 Xyz Monster that requires three Xyz Materials by Special Summoning a second "Summoner Monk" with the the effect of the first "Monk", and using the second effect of "Summoner Monk" to bring out another Level 4 monster, then overlay them for a powerhouse such as "Number 32: Shark Drake".
An especially strong combo is to first Summon "Summoner Monk", the use its effect to Summon a second "Summoner Monk". Use the effect of the second one to bring out "Blackwing - Zephyros the Elite". Xyz Summon a "Lavalval Chain" with "Summoner Monk" and "Zephyros", and use Chain's effect to send "Plaguespreader Zombie" to the Graveyard by detaching "Zephyros". Special Summon "Zephyros" by returning any face up card, and "Plaguespreader" with its own effect. Synchro Summon a Level 6 Synchro Monster with "Zephyros" and "Plaguespreader", or a Level 10 with the second "Summoner Monk", "Zephyros" and "Plaguespreader".