Speed reading involves rapidly recognizing phrases and sentences rather than individual words. It allows readers to process information more quickly by avoiding sub-vocalization, or saying words in your head. There are three main speed reading methods: 1) the pointer method uses a finger or card to guide reading, 2) the tracker and pacer method uses an underlining pen to increase focus on each line, and 3) scanning previews a page by identifying key words and ideas to grasp the overall concept without reading every word. Speed reading is best for understanding basic arguments but not complex materials, and improves with practice through techniques like avoiding distractions and knowing your reading goal.