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Basically, the goal of this guide is to build up decoy and cooldown reduction enough where you can pretty much clear an entire wave of minions with a single decoy as soon as possible while running around and getting God kills. If done properly, you can prevent any enemy minion waves from getting through, while also clearing buff camps, and still putting the hurt on gods. My usual experience with this is 15+ kills and 5 or fewer deaths.
The reason for midas boots is obvious, if you are getting a good number of god kills, and also clearing camps, you will out level everyone else in the game extremely fast. Usually I outpace my team by at least 2 levels, and a few thousand gold. Upon hitting 20, and having all items purchased, sell the Midas' boots and buy either Warrior's Tabi or Boots of Celerity.
One of the better things about this build is because you are usually killing minions and camps, the enemy doesn't focus on you as much as they do normal Lokis, and with all of the run speed you can run in and assassinate people from behind (since they don't see you come in from the camps) and get out before people even know what's going on.
I know this build doesn't have the standard heavy hits as typical builds have, but I'd suggest you try it out before downvoting it, it works pretty well.
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to mr. loki, like i said, towards hitting 20, sell the boots. and unless it's changed, soul eater doesn't give you the extra buff, it only gives it to allies (been a while since i tested it, i'll give it another shot), not to mention it doesn't stack, and most of my games it seems like someone else already has it.
Using it on Loki is a wasted item in general.
Heartseeker is the worst choice ever in arena, especially when you use boots, which don't give you attack bonus AND fatalis right at the beginning. What does this build give you, when you can't even kill someone, because you are too weak?
this build takes into consideration the fact that it's harder to farm kills and keep stacks on arena by maxing decoy first and the motive for heartseeker and fatalis + sprint is that this is a freacking run for the hills build, it totally rely on running away like a usain bolt on the olympics for survival.
If you weren't using heatseeker+fatalis+boot+sprint, I'd agree that heartseeker and fatalis are bad for arena, but, since this build is very resilient, I don't see a problem with heartseeker.
About damage, I do believe that it's possible to keep the stacks on heartseeker, since he's going to pop decoy and run away for a 4 to 6 stacks per wave. My only issue would be using the midas boots rather than warrior tabi or boots of celerity. He does say that he wants to max out xp and gold to get ahead (and loki can be a very good farmer with decoy 5 at lvl 10) but I would still trade it for warrior tabi.
one last note, I'd change the ankh for the soul eater, it's 50g cheaper, gives more lifesteal and atack speed - not mentioning it also gives some to the other gods near by.