you should add Silent-Blade Oni

You should add in Ornithopter because it is a free way to ninjitsu. Play it, next turn ninjitsu one of your ninjas with it, then play it again. Also, for any of you who want to see other ninja decks, please look at my deck Awesome Ninjas!

I actually have made a ninjutsu deck that runs decent in legacy tournament environment (I top-4ed a local event with it). Check it out:

Legacy Ninjutsu

+1 for Ninja funtimes! Aqueous Form might be a thing for your ninjas once they actually get out (obviously not for your ninjutsu material) or maybe Whispersilk Cloak . Check out my ninja deck: Ninja Gaiden.

Nice deck! maybe not really for the ninjutsu but more for the unblockable creatures, have you considered Hidden Strings ? Great way of untapping lands,... +1

I've noticed you went a little on the expensive side with your lands. Why not just use a couple chromatic lanterns to make your lands tap for any color?

Well I wanted to try to optimize the deck as much as possible. Since I already own the mana base I figured I might as well use it :)
This deck is no longer trying to be budget.

Makes sense lol it's a great deck overall.I want to build this deck myself but I'm on a budget. What changes would you recommend making to make it more affordable?

I've built a legacy ninjutsu deck for around $50: Ninja Gaiden It's really fun to play and wins in my casual circles very frequently. If you take out the Oni and Student in my deck, it'll not only be modern legal, but also run for like $30, instead.

I checked it out, that's a cool deck. +1 :)
I respect the ability to create something both fun and efficient on a budget.

lucstanfa if you've not already checked out Buckminsterfullerene's Ninja Gaiden deck I'd suggest that as your inspiration for budget ninjas. I'd say use 4 Ninja of the Deep Hours though. And Aqueous Form so your ninjas can keep hitting without being blocked.

Aether Vial works best when you have a large number of creatures at a set mana level, which this deck does not. You CMC on creatures is all over the place. If anything, I would put them in the SB against control matchups, and even then theres probably better options as a SB choice. And besides, you already have Cavern of Souls to help vs counter magicks.

Aqueous Form is decent, but the fact that its probably going to be destroyed contantly whenever you ninjitsu the enchanted creature back to hand, means that your not getting nearly as much effect out of the card as you should. I would consider Distortion Strike in its place. Admittedly you might not always get the +1/0 benefit due to the bounce again, but it does guarantee you a open attack next turn too. The +1/0 when it does happen helps the aggro design of the deck far more than the scry does.

Signal Pest is alright, but since it triggers when you attack, his +1/0 bonus will not effect any ninjas you ninjitsu out. He himself does no damage, and unlike affinity where theres a ton of critters swinging and you get a huge power buff off of him, ninjas will usually only have a couple of creatures in play at most, so he is less effective.

Hidden Strings cipher ability suffers the same problems as aqueous form and any other enchantments: It dies when you bounce the critter to ninjitsu. Also, I dont get your reasoning how untapping creatures enables more attacks? I guess with the untapped land you could cast something post combat, but most of your cards you want to use pre-combat anyway.

Murderous Cut, ya its good removal, but in an aggro, dual color deck like this, you need to be pretty careful about the double colors. I might suggest going with a slightly inferior Go for the Throat type card simply because it will be less taking on your mana base.

Dimir Infiltrator is ok as an unblockable, but his 1 power sucks for an aggro deck, combine this with the fact that his transmute ability can only find you two different cards, and hidden strings sucks, means that unless you really need removal and are willing to dump (1)B/U/B/B to kill something, his transmute is worthless otherwise.

Mistblade Shinobi is a powerhouse if you can ninjitsu him out early. Huge temp gain and board control, two things ninjas need in order to succeed. Up this guy to 4 for sure.

Whispersilk cloak, too expensive to use, if its the protection you want, go for Lightning Greaves or Swiftfoot Boots. The haste is a pretty big deal on these things too honestly. You already have plenty of ways of unblockable/ninja enablers that you dont really need to spend half your turns mana equipping the cloak each turn.

Cards to consider Sai of the Shinobi, Ronin Warclub, Genesis Chamber heh, that ones funny, and Rogue's Passage(bit slow).

Also, Im not sure if you realised this, but First/Double Strike work amazingly well with Ninjas. Since First/Double Strike occurs before regular damage, you can have your F/D Strike creature deal its damage to the opposing player or creature, then ninjitsu it back to your hand and deal normal combat damage with the ninja you just put out attacking :) Basically you dont have to 'lose' the damage of the first attacking creature if it has F/D Strike. So if you could manage to wors some of that into your deck it would be pretty sweet.

Any deck running 4 Mistblade Shinobi cries out for Gilded Drake :P

no modern equivalent though, but really like the deck, +1! Sorry for double post, had a hiccup.

I'm assuming you've considered Invisible Stalker before. What was the reason for not including it?

Nef, thank you for checking out the deck :)

Yes I have considered Invisible Stalker. I prioritized other creatures for the following reasons:
The unblockable "ninjutsu fodder" creatures must either be really cheap ei. Ornithopter or double as attackers ei. Inkfathom Infiltrator. Gurmag Swiftwing made the cut beacause it has haste and first strike, so it can deal damage in addition to a ninjusu'ed ninja and I don't have to wait a turn.
The hexproof on the Stalker is neat, but since I have many other creatures, the opponent will just target another creature with their removal and get their value. Hexproof would really shine if the deck was more equipment/aura heavy.

Makes sense.

Nice Ninja Deck! I was wondering if you knew about Signal Pest as another option to get through with Ornithopter.

Thanks for checking out the deck :)
I have actaully been using Signal Pest, but I wanted to make room for Gurmag Swiftwing. It's more explosive in a single turn but slower overall, so I might just go back to Signal Pest.

Really interesting take on the deck. I have two separate Ninja decks (one competitive and one more casual) that I keep together. Ninja Miscreants and Monoblack Ninjas.

I have always found that Ninja of the Deep Hours (in competitive) and Okiba-Gang Shinobi (in casual) were the two strongest Ninja cards, with Throat Slitter being mediocre at best, and Mistblade Shinobi being quite situational.

The reason being is that if your enemy has a blocker, and you can get past it with an unblockable creature to hit with the Throat Slitter, you end up in roughly the same board state as before, but spent 3 mana on a "free" destroy target creature. If that "free" destroy target creature mattered, then you were already getting in for damage reliably.

If it didn't matter, your 2/2 can't attack, leaving the "free" quality up for debate (the 2/2 is mostly useless, except as a chump blocker), and putting you behind on board state.

As such, I find that Throat Slitter is something of a win-more card. Looking at your list, you seem to disagree?

Korlus, thanks for checking out the deck :)
Good and thorough comment. I agree that Throat Slitter is not the most impressive creature. If I have an Inkfathom Infiltrator on the board, then yes I would probably be better off not ninjutsuing a Throat Slitter. But often times it will be an Ornithopter which only enables ninjutsu and can be played again for free. I also think that removal is important.
Bottom line. I always take well formulated critique seriously and I'm definitely going to try without the Throat Slitter. Maybe just spell removal instead. Having it at instant speed is more appealing.

I'm also not the biggest fan of Ornithopter unless you also have some way to make the card more useful in the late game. With creatures like Gudul Lurker, I have always found the free Ninja body to be a bit sub-optimal. Even if flying often ends up similarly powerful to unlockable, Gudul Lurker with metamorphic can help close out a game if you end up top decking, whereas the 'thopter almost never will.

I've always loved the idea of cards like Faerie Miscreant for potential card advantage, but playing Ninja after Ninja means you really do get more from your thopter than any Ninja deck I've played with before.

How often do you find the 0 mana of a thopter is more relevant than it having a power is?

How often do you find the 0 mana of a thopter is more relevant than it having a power is?

Almost always. When your turn 2 ninja eats a bolt - you now have no enabler and no ninja.

I personally have dumped ornithopters in favor of Aether Vial. It gives major advantage when establishing board presence.

True. If you want to the deck to function around ninjutsu then cheap enablers are key.
Hmmm AEther Vial seems nice! My creature curve is just not for it now. But that can be fixed :)

In my deck, I'll regularly end up waiting until turn 3 or 4 to play a Ninja if I'm fearing a bolt (to keep up counter mana). Without some way to protect them, I understand that the loss of tempo could be devastating.

Have you considered cards like Apostle's Blessing? It can make creatures unblockable (protection) and also double to save creatures from removal - even countering the much feared Abrupt Decay.