I think there is a pretty good chance when activating Merchant, that another merchant (possibly both!) is also tossed into the graveyard, and then you have virtually no way of milling.
Also there are many ways of countering a trap card these days (cyclone, ultimate prov, monster effects that hit backrow). With only three in your deck, when you get countered, ur going to be in a lot of trouble, because no more revival.
In short, ur deck has milling issues and revival issues (viz the two core mechanics of archfiends) which I feel is very bad for consistency.
u can use magical marchent to draw a CoTAF trap , you can still discard it from ur hand with chaos hunter , and the chance to draw fiend monster every turn is high since u have only 3 traps the rest are monsters "u can revive by discard"
Val
Anoymous
