If you are having a hard time fighting a monster, ensure that you have the proper gear against them. Flying monsters? Flash Pod them to the ground. Another monster messing up your hunt? Dung pod them away.

Capture weak monsters. A lot may be wondering why I suggested to capture them. If you are farming a strong monster, but is barely able to defeat them, capturing them sometimes opens an optional quest to fight that monster in the arena. You will have access to balistas, cannons and the Dragonator (!) that deals massive damage to them.

Buy PowerCharms/DefCharms and build PowerTalons/DefTalons. I think you'll have access to it by the end of low rank or the beginning or high rank. These are passive items that you put into the inventory to increase your attack and defense. You can combine power charms to Bazel talons (from HR Bazelgeuse) to upgrade to talons. You should have 1 of each (same item doesn't stack).

Equip your Palico with Plunderblade for maximum monster farming potential.