First off, if you know anything about hunting, you do NOT go where monsters deal significant damage. For example, a level 17 will not go to the rock monsters or the heavy ghosts.
Next up, if you can kill about 50 or so without heals and still not die, then you are pretty safe. For me, I’m always hunting at Bandits because I can 2 hit them, they deal less than 10 damage, and they seem to be lucky for me. Not to mention there are two special monsters there! Obviously, if you higher or lower than my level of in the 40’s, you want to go a different area that suits you.
If you dedicate about an hour I am sure you will find refineds. I dedicate at least 90% of my time to item hunting, that’s why I have loads of refineds, uniques, and some elites. If you go to places where you can one or two hit the monsters it will be much easier.

Monsters that seem to drop items decently:
Pheasants – meteors, PK tickets (collect 6 for 6K money)
Turtledoves – meteors! You can probably just let the patrol do the work for you and snag some Lvl 10 items and meteors.
WingedSnakes – many people have found their Dragonballs here (In fact, I got mine here at level 30)
Bandits – I found elites, +1’s and dance books…

Monsters that ensure you an item drop (specials):
Blue Dove - Hangs out with Turtle Doves, blue in color - Drops Lvl 15 items - Sell @ NPC for less than 200
Battle Ghost - Hangs out with Apparitions, wears gold armor - Drops Lvl 25 items - Sell @ NPC for 500
War Ghost - Last seen with Poltergeists, wears gold armor - Drops Lvl 30 items - Sell @ NPC for around 1000
FireSnake - Very rarely seen, Seen with WingedSnakes, Drops Lvl 35 items – Sell @ NPC for around 1333?
Catarans – seen with Bandits, drop Army Token if you are lucky which allows you to get a Refined Lvl 45 Peace Sword from Army Token quest
Cataran Boss – Very rarely seen, Seen with Bandits, colored blue, Drops Lvl 40 items – Sell @ NPC for
Roaring Ape - Hangs with Giant Apes, purple in color - Drops Lvl 55 items - Sell @ NPC for : 2433
Snow Ape - Seen with Thunder Apes & Rock Monsters, white ape - Drops Lvl 60 items - Sell @ NPC for 3330
Snake Monster - Seen with Blade Ghosts & Rock Monsters, green snakeman - Drops Lvl 65 items - Sell @ NPC for 4289
Mount Monster - Likes to be alone, southeast of Moon Spring, green and yellow - Drops Lvl 75 items - Sell @ NPC for 5729
Stone Monster - Buddies with Rock Monsters, between Moon Spring & Stone Village, green & yellow - Drops Lvl 80 items - Sell @ NPC for 7533
Blade Monster - Seen with Blade Ghosts & Hill Monsters, colored blue - Drops Lvl 85 items - Sell @ NPC for : 9366
Green Devil - Inside Mystic Castle (middle), near Bloody Devils or Devil Kings, green - Drops Lvl 115 items - Sell @ NPC for 33333
Bull Devil - Inside Mystic Castle (left side), near Bull Monsters, green - Drops Lvl 115 items - Sell @ NPC for 33333

“Secret Maps”
If you’re high enough level you can go over to the Metzone:
http://www.conqueronline.com/guide/n441_357582.htm
Old Map in Phoenix Castle is great since there’s always monsters (unless you killed all of them):
• Its located in the area below the village of Pheonix Castle
• Coordinates for the portal: (851, 480)

What the good items do:
• Dragonball: Use it to up the QUALITY of the weapon from Normal to Refined to Unique to Elite to Super. Each upgrade gives you approximately 15% extra in attacking power.
o Extremely rare to find Dragonballs, if you find one you might get pked so please do run and deposit it ASAP.

• Meteors: Use it to up the LEVEL of the weapon - mostly in the increment of 5 levels each time. For example upgrading a level 15 club will end up at level 20...

o Fails if you use at Twin City Artisan, or you can go to Market and pay more meteors for a 100% success rate
o Mythical 5% socket rate for non-weapon items in both cases, is only way to get socketed armour, bags, caps, coronets, etc.

• +1 items: Use them to compose your main items - It's independent to its quality, just adding extra stats onto what you already have.

o Composing +1’s don’t fail.
• Night Devil Books (ND): Dropped by Heavy Ghost L23, maybe regular HeavyGhosts also (the Heavy Ghosts have been renamed to Poltergeists…)

• Fire of Hell books (FOH): All monsters may drop, for Fire Taoists to learn Fire of Hell.

• Bomb books: Any mobs may drop, for Fire Taoists to learn bomb magic.

• Dance Books: There are 8 kinds of dance books. Right click on the books to learn different dance styles. Dances can be activated through the skill button on the console.

I dug this up. This was written when I was a lvl 40ish trojan :P