Ladder stitch is a valid stitch on its own, but it's used most often (in my experience) as a base or starter for other stitches, such as Ndebele and brick stitches.
1. On a length of conditioned thread on a needle, string two beads. You can use a stopper bead if you like. I usually just wrap the tail around my finger since after the first stitch in ladder stitch, the beads won't fall off the thread.
In the photos below, I'm using bugle beads. The tail is at the bottom of the photo, and the working thread is exiting at the top.
2. Without adding any beads, circle back through the first bead added. This will make the two beads sit side by side.
Notice that in the photo on the right, the tail is exiting the first bead from the bottom and the working thread is exiting the same bead (the first bead) from the top.
3. In ladder stitch, the working thread ALWAYS has to exit the last bead added before you can make the next stitch. So now without adding any beads, pass the needle down through the last bead added (in this case, the second bead, or the bead on the right in the photo below).
Both the tail and the working thread are exiting the bottoms of the two beads.
4. Add another bead and CIRCLE (i.e., the needle travels again in the same direction through the bead) back through the bead your working thread is exiting. See the photo below.
5. Before you can make the next stitch, your thread has to be exiting the last bead added. Take the needle through the last bead added, as in the photo below.
In ladder stitch, each stitch requires two passes: the first pass is to add a new bead to the work, and the second pass is to reposition the needle for the next stitch.
Also note that the direction the needle is facing at the end of each stitch changes with each stitch (unless you are flipping your work with every stitch), i.e., at the end of the first stitch, the needle (and working thread) were exiting the last bead at the bottom of the work, and at the end of the next stitch, the working thread and needle are exiting the top of the work.
Here's what a series of round beads (and one hex bead) look like put together with ladder stitch:
Ladder stitch isn't the prettiest of the stitches, and it is difficult to keep a nice even tension. It looks good when using bugle beads, but you must be very careful as bugle beads can have very sharp edges that will cut your thread.