I've been asked several times what it is, so I figured I'd post here about it.

Flip merching is basically the idea of buying an item for a low price, then instantly putting it back on the market for a higher price. This isn't always instant - I.e don't expect to have a constant supply of items coming in, and then having them selling instantly. It could be anywhere from 5 mins to 5 days (rarely does it take up to 5 days though... if it takes that long, you're either trying to flip a bad item or putting the item up for too high a price).
On a side note: Try to flip items people
use. Flipping an ahrim's hood, for example, isn't a good idea, as it can be replaced with the farseer helm (the fremmenik mage helm). Santa hats would be a good item to flip (believe it or not, they're in quite the high demand).