I just started up ladder slash again, I understand the concept and most of the items I put my first 10 points into Vitality, and i bought a decent weapon (I am now level 5). Where should i place my stat points now? Should i pump dex? and what should i look for in items? Should i look for Life/Dex/Ed on armor? Only have ~40 Fg at the moment.

Weapon = enhanced effect (as high as you can get)
Armor = Strength, dexterity, EE
Charm = Strength, dexterity


Life steal is a good add to any of those if you play arena at all. From where you are, I'd say to try to get up to around 100 dext with your MQ gear on. All other points into strength.

What level should i get to to do MQ? And if i don't have the gear, should i just do like 60 for now? Atleast pump it for now?

you have to be atleast 71 to attempt your master quest