Keep it moist but not wet, root structure will grow more during dry times than wet times. Dont reccomend using Miracle Grow as someone else already stated.

You can pick a variety of mediums to grow them in, SunShine #4 looks like soil, but is actually a soil less medium and tends to be easy on beginners (I found)

You should probably get a high input lamp...HPS/HID. Can you afford a nice little 400 watter? Should be able to find it for around 300.