A conjunction of new and fag. The term was first coined on 4chan's /b/ board at some unknown date, as far back as 2007. The term has since spread to all imageboards and consequently many Inernet forums.
The term means new poster.
Usage on Wizchan
Due to its 4chan origins, many wizards have deemed the term an outsider meme. Its usage is considered distasteful; 'Newgroid' is the preferred alternative.