Well, I am very proud of this deck, I have been trying to do a merfolks deck for a lot of time but I was not inspired enough, finally I did this one and I think I'm going to buy the cards and try it.
Attacking:
Well, if you are able to attack and keep your safety then you should do it but the winning technique is done with the next cards: Sygg, River Guide, Wanderwine Prophets, Stonybrook Schoolmaster
You only have to:
1- Give them protection to opponent's spells colour with Sygg, River Guide
2- Attack with Stonybrook Schoolmaster and Wanderwine Prophets
3- Sacrifice the token created by Stonybrook Schoolmaster and repeat the combo.
(That combo was not created by me I saw it in this web forum of questions).
Defense:
Counter everything that pose a treat to you with Sage's Dousing, Disallow, Hindering Light, Unified Will and Grimoire Thief. Keep Render Silent (if able) in your hand until the opponent has a lot of lands so you can prevent him to do a lot of damage to you by countering his/her first spell when his/her turn starts.
-By doing so if you have Lullmage Mentor on the battlefield you will get some valuable tokens to reinforce defense.
-Tokens and gaining life: Summon the School can also be used to get some valuable tokens. You can create a good combination of putting tokens into play and gaining life using Merrow Reejerey, Judge of Currents, Merrow Commerce and Stonybrook Schoolmaster.
Mana sources:
Well Stonybrook Banneret is not a mana source itself but It will definitely help you to cast your merfolk wizards .
Wanderwine Hub : I will not buy this card but it would help to make this deck more competitive.
Aquitect's Will : It is cool xd, only that.
Disadvantages:
Strong creatures with trample and flying creatures, counter them all if you can and things that can't be countered.