Ladder Glitch

The ladder glitch is a glitch where players can float wherever there is a ladder (basically only Full Moon)

Performing the Glitch[]

To do this glitch, players must do the following steps very quickly.

An alternative method can be performed as follows.

Stand at the top of the ladder, but do not go back on it
Magic jump and walk down (the player will not be able to get on the ladder nor hit the ground below in this state)
Hit heavy attack on the frame before entering the ladder
Go back down the ladder

Enemies will still chase you when you're in the air, so you can pull out your share of enemies in a multiplayer game by floating.
Attacking or using arrows while floating will cause the player to fall back down. The only exceptions are if they continually spam light attack or if they end their spam of light attacks with a heavy attack.
Using the boomerang will change the player's stance, but doing so will render them unable to use any items (a possible exception is potions, which is yet to be confirmed) and will also make them unable to attack.
A good way to use this glitch to your advantage is to spam light attack next to the ladder and ask other players to climb up the ladder. Doing this will make all the enemies targeting the player to climb up the ladder and you can hit them back down.
Spamming Y while you go up and down the ladder may be easier than trying to time the Y.
Do it more and more to get the timing down.

This glitch can also be performed on Flowery Fields after using the catapult, but is much less useful.

A video for the alternative method can be viewed here.