Use "Big Bang Shot" or "Sword of Kusanagi" to ensure the damage this card has to deal to activate its effect, in case of the opponent's monster be in Defense Position.
In a "Red-Eyes" Deck, this card becomes more powerful as a Draw Engine. During both your and your opponent's turn, use "Return of the Red-Eyes" to summon a Normal Monster from your Graveyard, while you also control "Precious Cards from Beyond", and use both Monsters to Tribute Summon this card, allowing you to draw 2 cards on each of your turns.
Adding "Card of Safe Return"(Traditional Format) to this combo will result in you drawing 3 cards on your turn, and 1 on your opponent's turn.
After inflicting damage with this card, use "Forbidden Chalice" to avoid its Bouncing effect during the End Phase, so that it will remain on the field for the subsequent turns.
This and the other Spirit monsters can easily counter "Light and Darkness Dragon's" effect. Since returning Spirit monsters to the hand during the End Phase is obligatory, "Light and Darkness Dragon" will negate it again and again until its ATK is too low.
A tricky move to do is to Tribute Set this monster. If your opponent attacks it with a weaker monster, it is still considered to have done Battle Damage, and you get to draw.
If this card is attacked by an opponent's monster that has more than 2600 ATK but less than or equal to 3100 ATK, you can use "Book of Moon" to flip this card face-down. And, if you inflict Battle Damage, you'll be able to refill your hand.
Use this card with "Creature Swap". During the End Phase, this card will return to your hand, while you get to keep your opponent's monster.
This card works well in a Pendulum Deck. The drawback you would have due to this card's bouncing effect could be compensated if you'd just Pendulum Summon 2 Pendulum Monsters each turn, in order to provide Tribute fodders for this card's Normal Summon.
This monster's effect is perfect to both set up and use right after activating "Guarded Treasure".