Dartpaw86: Can anyone give me tips on how to make the best out of my game?
Take the equipment from the starting party. If you make your own characters, they start with nothing but clubs, and the clubs aren't even equipped at the start. But you can visit the inn, take half of your characters and half of the pre-made characters, transfer all the equipment the premade characters have to your characaters, visit the inn again and repeat. This gives some nicer starting gear without having to grind for it.
In MM1, the majority of equipment you will use will come from treasure after battles, rather than from shops. Remember to always search using the S key after every fight. Treasure you find is liable to have traps on it, so have your Robber attempt to open it. If you are wounded from the fight, you can rest before you search (in case the trap goes off), but don't leave that square! If you move before you search, the treasure will be lost forever.
Always use your protective magic. Protective spells will last until the next time you rest, so the first thing you should do after waking up is cast them again. in the beginning all you have is Leather Skin but it should be on all the time. Later you'll get more spells.
Explore the first town, map it out, and gain some levels. The statues in town have messages that give clues to important things you can do in the game, so write them down. Remember that you need money to train for levels, and gaining levels is MUCH more important than buying equipment, so save your gold for that. You'll find better equipment from battles soon anyway. Once you've gained some levels, you can explore the caverns underneath the town. After mapping both of those out, you can try leaving the town and exploring the overworld. Remember to return to the inn to save often. In the overworld, you're free to explore in any direction so if you are having trouble somewhere just try going somewhere else.
Keep an eye out for magic weapons, which have a "+1" or "+2" next to them. These have a bonus to hit as well as to damage, so they can be better choices than non-magical weapons, even if the non-magical weapons have higher base damage. If you don't know which weapons (or armor) are better than others, you can check the selling price in shops, but it's probably easier to just use the cluebook to look up item stats. That's what I did. But beware of other spoilers in the cluebook. The easiest way is to search the PDF for the specific item you want to check, that way you skip all the maps and other hints in there. The cluebook is included with the extras.
There's very little guidance given in MM1, you just have to explore and figure things out. Don't be afraid to move to new places if the current area you're exploring is too hard. And have fun! I was surprised at how much I enjoyed such an old game when I played it for the first time a few years back.