A Magnet Pull is basically a longer version of Lucas' Wavelanding technique. To perform the technique, do a double jump, wavebounce then immediately use PSI Magnet. The player will shoot across the stage at a great distance (possibly the best wavelanding in the game). Magnet Pull can be used to approach a far enemy and make great horizontal and vertical recovery.
For most Lucas players, it's easiest to waveland using a PK Fire.
Also, there is a technique called Reverse Magnet Pull. Set up a pull by double jumping with a PK Fire. Use PSI Magnet, then immediately jam the control stick/pad to the opposite side and use PSI Magnet. You should bounce from between the regular Magnet Pull direction to an immediate speedy shot in the other direction. This is useful for mindgames, KOing with PSI Magnet, or setting yourself for a forward tilt or forward smash. This move is extremely difficult to execute, and takes precise timing.