I have a big axe - but I don't really know what I should be looking for on armours. Do I really need EE% and STR or is +max life a better idea?

Also - and I know this could be considered offtopic, but where the crap am I supposed to find ARCANE and stuff like that? Thus far i've had a rare - and thats it lol

Strength or Dex if you want to deal more dmg = increase killspeed.
Enhanced Effect = longer staying power to deal dmg

Arcane items do not fall off trees, you have to just cata and hope they drop... just like
all items that people are after.